UK household income likely to fall by £2,000 a year, says thinktank | UK cost of living crisis

19 comments
  1. So this is another £2000 drop in real terms income for 2023-2024 after the huge drops in 2022-2023 and 2021-2022. Marvellous.

  2. The question here will be

    When the conservatives are booted out. Will England get amnesia in one or two elections and vote them back in?

  3. The Financial Times predicts that an average household in Poland will have more disposable income than an average household in the UK in the next few years.

    If only Brexiters could wrap their heads around this and its implications, it would be so funny to see their faces.

  4. Trying to decipher the Resolution Foundation and it’s headed up by this guy

    [https://en.wikipedia.org/wiki/David_Willetts](https://en.wikipedia.org/wiki/David_Willetts)

    A Baron, also a Tory politician, rather than the maverick financier the search results insinuate (he stepped down). Don’t know much about him other than he is an expert on intergenerational wealth and a Tory, so I presume it’s coming out ahead of another robbery down the line. Feels like this foundation has been infiltrated if it started out any good

    *In June 2015, the former Conservative MP David Willetts took over as executive chairman.[3][4] At the same time, Torsten Bell, a former senior advisor to Ed Miliband, was appointed as the organisation’s director to lead what the Foundation described as “an expanded programme of work”.[2][5] As of November 2019, Willetts is president of the Foundation’s Advisory Council and Intergenerational Centre, and Bell is chief executive.[6]*

  5. Only £2000 fall? I don’t believe it one bit.

    ​

    My family monthly cost increase:
    Rent increase £200.00

    Food cost increase £100.00

    Electricity/gas bill increase £150.00
    Total of the above £450.00

    ​

    My family yearly cost increase (above multiplied by 12):
    Rent increase £2400.00

    Food cost increase £1200.00

    Electricity/gas bill increase £1800.00
    Total of the above £5400.00

    ​

    Do you want to add any increase in Council Tax, other bills and costs which will likely happen?

    Likely £7000 or over lost in savings. And I believe I am a good saver.

  6. But hey, good news, there are 20% more bilions, as thisnis the only thing goverment cares about, i mean, why wouldn’t they when they get paid milions to ensu3rich get richer. How do they do that? By ensuring there is no pice cap, no extra taxex, and more while companies increase the prices despite making record breaking profits

  7. I don’t understand the dynamic this country is going for. If everything costs more and people have less, then we spend less money and then the economy shrinks.

    When I went out as a student from 2016-2019 I managed to go out most weekends without and issue. I don’t know how they manage it these days.

  8. This country is such a fucking laughing stock on the world stage right now, I am sick to death of this shit and just don’t want to be here anymore. Living or otherwise.

  9. You look at other countries and see living standards are so bad, their government is corrupt, and its kind of clear that the country is dysfunctional because everyone is on the take, the economy is gummed up, taxes go into pockets of officials, media are corrupt so the people have no voice, infrastructure projects suffer, employment becomes problematic, it spirals down and down until the vast majority of people are living on the street, hungry in abject poverty or in shacks, there’s a tiny middle class and the usual small elites.

    I’m convinced that’s where this country is headed, the media are not holding the politicians to account for a crumbling NHS, they offer distractions with their glaringly one sided coverage of a family conflict. We’re all getting poorer, costs are going up, rents are already on the edge of being unaffordable for a lot of people, heat or eat is a thing. Extrapolate this trend and its not to much of a leap for the imagination to think our living standards are going in the direction of these much poorer countries. Meanwhile the wealthy are doing better than ever, energy companies boast of massive profits, workers are striking because they’re really struggling.

    Was austerity was a mask for the early days of this attack on living standards? It was a ridiculous state of affairs, us paying the price to bail out irresponsible banks whilst they still got massive bonuses, but it was to be a temporary thing after all.

    Things seem different now, like we’ve changed a gear we’re all being hit super hard, energy bills have gone through the roof, and public services are crumbing. But what stands out is the brazen nature of right wing politicians and their scandals, they no longer creep around in the shadows like they fear the publics opinion, they’re emboldened, doing it in the open & doubling down when they’re caught rather than trying to worm out of it by grovelling. It feels like we’re no longer in control, it’s them, rather whoever has bought them.

    Unless things change, and unfortunately they rarely seem to foe the better, I really fear how deep we’re going to fall.

  10. People’s buying power will evaporate and the economy will shrink, causing the Tories to come out and tell us all to spend money we do not have. Their beloved capitalism will fail when the average person can no longer afford anything and profits dry up.

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