Thursday, April 25, 2019

As if we didn't know

Living costs have increased faster for Britain’s poorest households than for the richest, according to official figures, amid a squeeze on living standards for low-income families that has lasted more than a decade.  Costs for the poorest tenth of households in Britain had risen by 2.7% a year on average between 2006 and 2018, compared to an increase of 2.3% for the richest tenth.

Cumulatively since 2005, the costs facing low-income households have risen by 41%, while costs for high-income households have risen by 35%, according to the ONS. 

The assessment comes as households across the country have faced a squeeze on incomes in the decade since the financial crisis – from weak growth in pay and rising living costs to government austerity and benefits cuts.

Carl Packman, the head of corporate engagement at the Fair by Design campaign, run by the Barrow Cadbury Trust, said: “Living in poverty there are no guarantees, except for the fact that it’s so very expensive. The cost of living, even for the basics, can come at a much higher price, ironically, than if you are comfortable or financially better off.”

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