And here we have the fundamental problem with the deficit spending model that all western governments work on.
During election cycles appealing promises are made, of course most are not kept, but over the years there has been a gradual increase in the amount of payments made to those in need, or voting blocks large enough to influence the outcome.
For most economies this has now got to the point that exchequer outgoings are far higher than incomings. Add to this inefficient management and mal-investment and the numbers are huge.
So, either taxes have to go up, or spending has to go down. Neither are popular and governments know this. So they obfuscate, fudge and downright lie because their main aim is to stay in power.
We are living in the time of the slow, painful death of the current monetary system. Debt will continue to grow, so more money will be printed to cover the deficit. This will result in diminishing spending power (value) of each currency unit, be it pound, euro, dollar etc. So called 'transitory' inflation is here to stay - always has been, it's part of the model, it's just that now we are on the part of the exponential curve that is approaching vertical.
No government can be looked at to reliably help you out here. The best thing you can do as an individual is to put any savings into the only form of money that cannot be printed/manufactured. Gold is currently running at a sterling equivalence of £2,700/ounce, silver at £31/ounce. These 'valuations' will continue to rise (with corrections and pulbacks) for the forseeable future, until money is no longer printed and we cease this insane deficit spending model.
For UK savers Brittanias and sovereigns are capital gains tax free. Help yourself (because your government can't/won't) and transfer any savings into them.
I don't know what the final collapse will look like or when it will be. But it will be disruptive, painful and extremely volatile. I hope I don't live long enough to see it !