TheRedPillCommunity
Politics • Education
This community platform is for Empowerment, Truth, and Justice!
Interested? Want to learn more about the community?
Britons facing ‘permanent’ reduction in living standards – report

This year seven million households will be affected, economists have predicted

UK households are suffering a “permanent” decline in living standards as wages lag behind double-digit inflation and families struggle to pay their bills, the National Institute of Economic and Social Research (NIESR) has warned.

According to a forecast by the UK’s oldest independent economic research institute released on Wednesday, 7 million households, which is the equivalent of one in four, will be unable to cover their energy and food bills once the government starts scaling back its subsidies program in April.

Energy prices remain high, while inflation is running above 10%, more than five times the Bank of England’s 2% target. NIESR said the target will not be reached until the second half of 2025.

Grocery inflation alone soared to a new record of 16.7% in the four weeks of January, taking the average annual food shopping bill in the UK to £5,504 ($6,781), up £788 ($974) from last year, according to the latest research by Kantar.

NIESR economists warn that middle-income households will be hit hardest by the cost-of-living crisis. While the poorest families receive additional state aid, the middle classes will face a decline of between 7% and 13% in their disposable income, or as much as £4,000 ($4,800).

“What we’ve seen is that the shocks that have come along have progressively made us poorer per person,” said NIESR director Jagjit Chadha.

https://www.rt.com/business/571187-uk-living-standards-permanent-decline/

Although the institute believes the UK will narrowly escape a recession, it predicts the country will see “anemic” growth of just 0.2% this year before GDP rises 1% in 2024 and 1.6% in 2025. For millions of households it “will certainly feel like a recession,” NIESR warned.

“This malaise seems to be affecting large parts of the advanced world but on many measures the UK looks as though it’s towards the bottom of performance and I think that’s a great concern,” said Chadha.

Earlier this month, the International Monetary Fund said that Britain will have the worst economic performance among other major industrialized nations, and will become the only G7 member to face a recession this year.

Interested? Want to learn more about the community?
What else you may like…
Videos
Podcasts
Posts
Brian Berletic - Trying to maintain U.S hegemony is killing the dollar
00:06:59
Larry Johnson - The American Empire is dead!

Larry Johnson - The American Empire is dead!

00:04:30
TheRedPillShorts - Trump is sukk__g of BB Netanyaha
00:00:50
Geopoli-Tricks: American Empire In Decline(Ft. CIA Chief Analyst Raymond McGovern) Excerpt
Geopoli-Tricks: American Empire In Decline(Ft. CIA Chief Analyst Raymond McGovern) Excerpt
Breaking: Russian Forces hit huge NATO convoy in Lviv,UKR
Breaking: Russian Forces hit huge NATO convoy in Lviv,UKR
Gregory Mannarino- The Empire is falling & They're the devil
This is what happens when Empire Falls
Gregory Mannarino- The Economy is Crashing & Will Only Get Worse
See More
Available on mobile and TV devices
google store google store app store app store
google store google store app tv store app tv store amazon store amazon store roku store roku store
Powered by Locals