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TOPIC: Poorer People Set To Struggle For At Least Another Three Years

Poorer People Set To Struggle For At Least Another Three Years 27 Mar 2018 13:07 #6676

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22/02/2018 09:22 GMT
Poorer People Set To Struggle For At Least Another Three Years Thanks To Welfare Cuts, Think Tank Says

They 'bear the brunt of £14 billion of welfare cuts'.

PA For HuffPost UKPress Association
“Just about managing” families on the lower end of the pay spectrum are set for three years of stagnating living standards, a new report has warned.

The Resolution Foundation think tank said average incomes are set to rise over the years before the next general election in 2022, following real-terms falls which made 2017/18 the third-worst year for incomes in 25 years, The Press Association reports.

But eight million working households on low and middle incomes still face flat or falling living standards between 2017/18 and 2019/20, suggesting Britain may be facing its first sustained rise in inequality since the late 1980s.

The report blames the rollout of £14 billion in welfare cuts, which will more than offset rises in the minimum wage and predicted pay increases for families receiving in-work benefits.

The people described by Prime Minister Theresa May as “just about managing” look set for a rise in incomes of just 2% – the equivalent of £300 – over the decade to 2020, compared to 10% (£3,100) for higher-income working-age households, said the Foundation.

On some measures, levels of income inequality are projected to reach record highs by the early 2020s, having fallen in the immediate aftermath of the financial crisis.

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