It is going to be such a tough time
A stark warning has been issued to millions of households. An independent think-tank says UK households could see a £3,000 drop in income as the cost of living crisis worsens.
By 2023-2024 the 10% fall in mean disposable income "is likely to be the worst for at least a century" which is the same as £3,000 for average households.The report, which was highlighted by BirminghamLive states the worst two-year change should be expected following the "sharp rise" in the number of people in absolute poverty, projected at over three million between 2021-22 and 2023-24.
"We are going to need an energy support package worth tens of billions of pounds, coupled with increasing benefits next year by October's inflation rate. The new Prime Minister also needs to improve Britain's longer-term outlook, which can only be achieved by a new economic strategy that delivers higher productivity and strong growth."
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