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UK thinktank warns cost of living could drive worst living standards
The Joseph Rowntree Foundation projects average household incomes to be 440 to 770 pounds lower in real terms in 2029-30 than two years earlier.
The Joseph Rowntree Foundation warned Britain faces a dire cost of living outlook unless the government takes bold policy action, with soaring energy and housing costs driving the risk to living standards, according to the thinktank.
Three weeks ahead of John Healey’s budget, the JRF said Labour is on course to oversee the worst parliament for living standards in modern times.
The foundation predicts that, after housing costs, average household incomes will be between 440 and 770 pounds lower in real terms in 2029-30 than when Labour came to power two years ago.
Even the lower end of the range would represent the biggest decline in living standards since modern records began in 1961, the JRF added, warning it could come on top of a tight squeeze.