Today’s the day all of our bills are going up (... )

And sadly, it’s not an April Fool

TODAY is National Price Hike Day as families face a round of punishing increases on everything from council tax and water bills to TV licences and stamps.

The price rises, which also include prescription and dental charges for households in England and Wales, could typically cost a family £88 a year, adding up to £1.7billion.

But on top of increases in these standard expenses, families are also about to be hit with big rises in other bills that vary widely between suppliers, for example broadband and pay TV, as well as gas and electricity.

As a result, the overall total for some households could soar past £200 a year.

The combination of price rises coming into effect this weekend, coupled with others in the pipeline, threaten the biggest squeeze on living standards since the financial crisis of 2008.

Alongside small or non-existent pay rises – and changes to benefits for working households – the price increases mean many families will inevitably end up poorer this year.

The increases have been highlighted by the personal finance website money.co.uk, which calls today ‘National Price Hike Day’. The site’s editor-in-chief Hannah Maundrell said the £88 increase is based on estimates of a typical household’s spending habits.

It does not take into account rises in broadband, telecoms, pay TV and energy bills as these vary widely among suppliers. Individual rises may appear small but they ‘all add up’, Miss Maundrell said.

After a nine-year freeze on council taxes, local authorities in Scotland have this year been given the power to raise bills by up to 3 per cent. Twenty-four councils are hiking bills, with most opting for the full 3 per cent, an increase of £30 to £35 for Band D properties.

State-owned Scottish Water bills will go up by 1.6 per cent compared to the charges for 2016-17.

The cost of a TV licence, frozen for six years, will go up by £1.50 to £147. BT’s basic broadband is going up by £2.50 a month. Most of the big energy firms have also announced price rises on standard variable tariffs, from £58 to as much as £110 more a year.