The New Year marks half way (hopefully!) through the cost of living crisis. Oxford Economics project average real incomes to fall another -2.0% in real terms in 2023 after a fall of -2.5% in 2022. You have to go back to 1981/82 to find two previous consecutive years of falling real incomes.

The focus now is on the 1.4 million households in the UK renewing their fixed rate mortgages in 2023.