While the rich get richer, the “cost of living crisis” – in realty a “central bank debasement of the currency crisis” – is destroying the purchasing power of lower-income families.
- Resolution Foundation report found Brits are vulnerable to economic headwinds
- Study identified lack of savings and low wage growth as two key issues facing UK
- Said real household disposable income growth now down to 0.7 per cent a year
A quarter of Brits do not have enough savings to last them a month if they lose their jobs, while feeble real wage growth has left many households ‘brutally exposed’ to the cost of living crisis, a new report warned today.
The Resolution Foundation also found less than half of adults could last for more than six months without any income, and just 35 per cent could survive for a year.
The think-tank also revealed real household disposable income growth for working age families has slumped to just 0.7 per cent a year in the 15 years leading up to the Covid pandemic. This contrasts to 2.3 per cent per year between 1961 and 2005.
Meanwhile, the typical incomes of the poorest fifth of the population are no higher on the eve of the pandemic than they were back in 2004-05, despite GDP per person growing by 12 per cent over this period.
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