Inflation affects everyone, everywhere, but it hurts some of us more than others. And the bleak truth is that the less well-off and Londoners are affected more than most. The worrying finding of our Ipsos poll is that millions of people would find it “very difficult” to cope with inflation rising to 11 per cent. Not just that, a third, 32 per cent of adults, say they would find themselves in financial crisis if the rate rises to the 11 per cent predicted by the Bank of England. In May it was 9.1 per cent. In London, that figure is just under half, or 49 per cent. Four in 10 people in London say they are already struggling.
Nationally, just over half would have to make some cutbacks but could cope while 15 per cent say they would not have to make any changes. But what is striking is that Londoners, younger people, women, public-sector workers, renters, Labour voters, people from ethnic minorities, semi/unskilled manual workers and those only living off state benefits, are all more likely to say they would find it very difficult to cope.
