Rachel Reeves slammed as average UK household set to ‘lose £1,400’ a year by 2030.H
Living standards for all UK families will be noticeably worse off in five years time.
Living standards for all UK families will be noticeably worse off by 2030 (Image: Getty)
Amid rising mortgages, soaring rent costs, falling real earnings and the income tax threshold freeze, living standards for all UK families will be noticeably worse by 2030, according to new findings.
Brits will be £1,400 worse off in five years time (Image: Getty)
What is being described as a “dismal reality” the fresh data indicates the government is set to miss out on one of its main goals, raising living standards across the UK by the next general election.
This £1,400 drop in cash by April 2030 will mark a 3% drop in disposable income for most families.
And the lowest income households will be £900 per year worse off – amounting to a 6% fall in their disposable income. JRF said it used a YouGov study of 5,000 people as well as Bank of England predictions to find its conclusions.
The situation could be even bleaker for some as the analysis doesn’t account for the recently unveiled £5bn worth of cuts to disability benefit payments.
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JRF called the data a ‘dismal reality’ (Image: Getty)
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Alfie Stirling, director of insight and policy at JRF, told the Guardian: “There is no doubt the government is facing an unenviable list of economic pressures and uncertainties, ranging from the domestic to the international. But how you manage these risks is a matter of political choice.
“It is wrong, and ultimately counterproductive, to try and rebuild the public finances through cuts to disability benefits. Instead, government should be addressing hardship and raising living standards directly, as part of their strategy for growth.”
The backdrop for Reeves is bleak. Inflation is rising, borrowing costs are up and she has confirmed plans to slash Civil Service running costs by 15%.
This data comes just days before the Chancellorwill deliver the Government’s Spring Statement on Wednesday (March 26) offering a crucial update on the UK economy.
