The cost-of-living crisis is increasing regional inequalities across different parts of the UK and putting the Government’s levelling up agenda at risk, bosses at Legal & General have warned. The concern has come as research from the pension and investment firm found households in Yorkshire and Humber, the South West and Northern Ireland were particularly worried about their finances in the face of soaring bills.
Nigel Wilson, chief executive at Legal & General, welcomed the Government’s £400 financial package for households but stressed that the state needs to help "address the root of regional inequalities" with a longer-term strategy. He said "greater collaboration between public and private sectors" is needed to address issues across various parts of the economy, including energy, health, housing and jobs.
Mr Wilson added: "Many households across the UK are currently facing very tough financial choices. For some, those choices seem impossible.
