Millions of Brits face falling living standards – study
Soaring prices, inflation, and unemployment are pushing up deprivation levels, the New Economics Foundation says | The UK is on the cusp of the greatest cost-of-living crisis in modern times, with the number of those below the poverty line rising, according to a report by the New Economics Foundation (NEF). ● In a study released on Monday, the think tank said that 30 million people in Britain will be unable to afford what the public considers to be a decent standard of living by the time the current Parliament ends in 2024. ● Rising prices, below-inflation increases in earnings, and projected increases in unemployment will result in 43% of households lacking the resources to put enough food on the table or buy new clothes, the report said. ● According to the NEF’s calculations, by 2024, almost 90% of single parents and 50% of workers with children will fall below the minimum income standard. On average, those falling below the threshold for a decent standard of living will be short by £10,000 ($12,422) a year, the research shows.