Millions to be pushed into poverty by soaring food and energy costs, think tank warns
12.5 million people will soon be unable to afford basic necessities, the Resolution Foundation says
Pennies in a jar
[Josh Appel / Creative Commons]
MILLIONS of households will be pushed into poverty by soaring food and energy costs, a think tank warned today, as forecasts reveal a record drop in living standards.
The Resolution Foundation think tank said that 12.5 million people will soon be unable to afford basic necessities.
Typical working-age household incomes are set to fall by 4 per cent in real-terms in 2022-23, a loss of £1,100, while the largest falls will be among the poorest quarter of households where incomes are set to fall by 6 per cent, the think tank said.
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