Published 14 hours ago • loading... • Updated 3 hours ago

Why the Average Family Is Now £2,900 Worse Off

British households are nearly £2,900 worse off after five years of economic pressure, according to new research from the Resolution Foundation. The study reveals the UK endured the equivalent of 13 years of typical price rises in just five.
Surging energy bills underpin the crisis, forcing families to heat homes less as 1.7 million more households struggled to stay warm in 2022/23. Consequently, 18% of poorer households reported falling behind on priority bills by March this year.
James Smith, chief economist at the Resolution Foundation, noted that while rising prices impacted all households, poorer families cut back hardest on heating. The think tank suggests moving costs off energy bills and funding insulation to address systemic issues.
Facing his first Budget on October 28, Chancellor John Healey must balance cost-of-living support against tight public finances. He cautioned against repeating expensive, blanket support measures similar to the 2022 packages due to borrowing constraints.
Predicting January bill increases will be "the final straw for too many people," Green MP Hannah Spencer criticized the lack of a proper crisis plan. She argued the Budget will fail families without concrete action to address rising costs.

Insights by Ground AI

11 Articles

British families £2,900 worse off as cost-of-living crisis delivers 13 years of price rises in just FIVE

British families £2,900 worse off as cost-of-living crisis delivers 13 years of price rises in just FIVE . British families are nearly £3,000 worse off after five years of soaring prices, new research has revealed

5 hours ago·London, United Kingdom

Read Full Article