Thirty million people in the UK will be unable to afford what the public considers to be a decent standard of living by the time the current parliament ends in 2024, according to a study.
The New Economics Foundation, a left-leaning thinktank, said rising prices, below-inflation increases in earnings and projected increases in unemployment would result in 43% of households lacking the resources to put food on the table, buy new clothes or treat themselves and their families – a 12 percentage point rise compared with 2019.
The NEF said its calculation that by 2024 almost 90% of single parents and 50% of workers with children would fall below a minimum income standard showed the need for a radical overhaul of the welfare system.
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