UK household income likely to fall by £2,000 a year, says thinktank
We know the cost of living in rural settings is higher so this is a very interesting challenge to start 2023 with….
British households are only halfway through a two-year cost of living crisis, with average incomes likely to fall by more than £2,000, a leading thinktank has warned.
Typical disposable incomes for working-age family households are on track to fall by 3% in this financial year, and by 4% in the year to April 2024, according to the Resolution Foundation.
Only incomes of the very richest will rise, according to the thinktank’s annual Living Standards Outlook for 2023, while middle-income households will struggle to make ends meet after an average £2,100 loss.
The warning comes amid a rash of strikes by workers demanding pay rises closer to the average inflation rate of 10.7%.
A vote by teachers is expected to back strike action when the ballot results are announced over the next fortnight, adding more than 500,000 public sector workers to a tally that includes nurses, Whitehall civil servants and Border Force staff.