'Worst yet to come' for Britons already squeezed under cost-of-living crisis, think tank warns

The worst impact of the cost-of-living crisis in the UK is yet to hit the already struggling Britons, a leading think tank has said, warning that families across the UK have only experienced half of the lost income they are expected to suffer during 2023.

The Resolution Foundation think tank has suggested in its newly published survey that the average household across the UK will be left £2,100 worse off by the end of the next financial year.

“Britain is only at the mid-point of a two-year income squeeze, which is set to leave typical families £2,100 worse off,” said Resolution Foundation researcher Lalitha Try.

Moreover, the typical income for a working-age family is set to fall by a record high of 7 percent, with 3 percent in the first three months of the year, followed by a 4 percent drop over the following 12 months.

According to the study, the ongoing cost-of-living crisis would leave households worse off than they were before the pandemic until 2028.

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The damning survey said that a quarter of the respondents - equivalent to 12 million people around the country – said they cannot afford to replace or repair their electrical goods, while before the pandemic only 8 percent said the same.

The researchers also found that 11 percent of respondents were not able to buy food at many points over the last month as they didn’t have enough money. Before the pandemic, only 5 percent said they went hungry for lack of money.

“The crisis is already taking its toll on families, with over six million adults reporting they are going hungry as a result,” Try said adding that “low-income families have been hit hardest by soaring energy bills and food prices, and are most likely to have seen both their financial circumstances and their health deteriorate.”

UK's problems won't 'go away' in new year, British PM warns

British PM Rishi Sunak is at pains to acknowledge that the UK’s problems will not “go away” in 2023 after a “tough” 12 months.

Laying the responsibility of the ongoing economic crisis over the conservatives’ shoulders, Labour’s shadow chancellor Rachel Reeves said: “To hear that we are only halfway through this Conservative cost-of-living crisis will alarm many families, and again brings home the profound damage this Government has done over the years.”

During their ruling over the past years, the Tories “have left growth on the floor, wages squeezed, living standards plummeting and our public services crumbling.”

Due to the worsening cost-of-living crisis, Britons have been staging industrial actions across the country, seeking a pay rise to cope with the soaring inflation, which has risen to about 11 percent.

The wave of the strikes has been the biggest over the past decades, with airport baggage handlers, border staff, driving instructors, bus drivers, and postal workers walking off their jobs to demand higher pay. Nurses and ambulance workers are also locked in an intense dispute with the National Health Service (NHS) as they seek payment raises and better conditions.

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