British English · B2 · Unit 15
Money and the economy
Money and the economy
By the end you can
- Explain economic news in simple terms
- Discuss the cost of living
- Understand a report about prices
Words and phrases
| British English | Meaning | Example |
|---|---|---|
| the cost of living | how much you pay for basic things | The cost of living has gone up a lot. |
| inflation | the rise in prices over time | Inflation is at four per cent. |
| shot up | rose very fast (for prices) | Food prices have shot up. |
| make ends meet | have just enough money for what you need | Lots of families are struggling to make ends meet. |
| interest rates | the percentage you pay on loans or get on savings | The Bank of England has raised interest rates again. |
| energy bills | the money you pay for gas and electricity | Our energy bills doubled last winter. |
| a pay rise | more pay for the same job (British; American: raise) | I haven't had a pay rise in three years. |
| the mortgage | the loan you use to buy a home | We can barely pay the mortgage. |
| a recession | a period when the economy gets smaller | Economists think we're heading for a recession. |
| tighten our belts | spend less money | We'll have to tighten our belts this year. |
| a food bank | a place that gives free food to people in need | More working people are using a food bank. |
| value for money | good quality for the price | The meal deal is good value for money. |
Then talk it through
Friends discuss rising rents and food prices. In the app you have this conversation out loud or typed, with the unit's goals to tick off and corrections at the end.