The Poor Getting Poorer
Don Paskini has provided a timely update.
According to JRF research:
– A single adult with no children now needs to earn at least £13,900 a year before tax to reach the minimum standard. This is a £500 rise from 2008; nearly half of this extra income is needed for the rising cost of food.
– About one in four people are living below the minimum income standard for Britain, and this is increasing as unemployment rises.
– The minimum cost of living has risen by 5%, contrasting with official inflation figures of 2½% (CPI) and -1% (RPI). A low-paid worker whose earnings were linked to the retail prices index could be 6% worse off this year, relative to the minimum cost of living.
– Job loss can leave you with less than half the income that you actually need to live.
– The minimum cost of living is rising at twice the rate of inflation, making it harder to live on a low income this year than last year.