Households are being warned they face a £3,000 drop in incomes as the Cost of Living crisis worsens. The Resolution Foundation has issued the stark warning.
Lalitha Try, a researcher at the Resolution Foundation, said: “Britain is already experiencing the biggest fall in real pay since 1977, and a tough winter looms as energy bills hit £500 a month. With high inflation likely to stay with us for much of next year, the outlook for living standards is frankly terrifying."
The 10% fall in mean disposable income by 2023-24 "is likely to be the worst for at least a century", the report says, equivalent to £3,000 for the typical household, Birmingham Live reports. And the "sharp rise" in the number of people in absolute poverty, projected at over three million between 2021-22 and 2023-24 would be the worst two-year change on record, the report warns.
