Modelling carried out after the Budget by the Joseph Rowntree Foundation (JRF) shows that families with children will see the biggest hit to their disposable incomes.
It comes as new data shows that GDP continues to grow, but by less than expected, which the JRF says means households are feeling no better off after years of cost-of-living pressures.
According to the charity’s analysis, without Government action, 10,000 more children are set to be in poverty by October 2029, compared to today, along with 300,000 more working-age adults.
It finds:
'People struggling to make ends meet cannot wait for uncertain economic growth'.
Peter Matejic, chief analyst at JRF, said, ‘It’s good news that the economy has grown for the third quarter in a row, albeit slowly - but people struggling to make ends meet cannot wait for uncertain economic growth before any action to help them. There are difficult political choices facing the Government but the crucial decisions are not just about balancing the books.
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