Think Tank – A Million More People In The UK Will Be Pushed Into Poverty

The exponential rise in energy, fuel and food costs will push a million more people into poverty in the UK, according to a leading think tank. The Resolution Foundation has claimed that from April, 1.3 million people will be unable to afford basic necessities.

According to The BBC:

On Wednesday, Rishi Sunak cut fuel duty by 5p and raised the threshold at which workers start paying National Insurance from £9,600 to £12,570.

Torsten Bell, the Resolution Foundation’s chief executive, said that those measures would provide “some help” to families on higher and middle-incomes.

But it described the measures announced by Rishi Sunak as a “big but poorly targeted policy package” overall.

The chancellor also resisted calls to scrap April’s National Insurance rise of 1.25p in the pound or to increase benefits in line with the rising cost of living.

The Resolution Foundation’s new analysis suggests that 1.3 million people, including 500,000 children, will be pushed into absolute poverty in the next financial year.

That would bring the total in absolute poverty to 12.5 million people and would mark the first time Britain has seen such a big increase outside of a recession.

Torsten Bell said: “It means we’re all getting worse off, and at the bottom end you’re having to cut essentials because you don’t have lots of luxury spending to go in the first place. I think that is really serious.”

Meanwhile, the Office for Budget Responsibility (OBR) has warned that the UK faces the biggest drop in living standards on record. Wages have stagnated while prices are skyrocketing.

The OBR predicts that inflation is set to hit a 40-year high of 8.7% later this year.

Hunger Games Society anyone?

 

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