Fifteen years of stagnant incomes left British families 'brutally exposed' to cost of living crisis
Adam Corlett, principal economist at the Resolution Foundation, said:"Households across Britain - and across many other countries - are currently grappling with high levels of inflation that we haven't seen for generations.
"But while many of the causes of the current crisis are global in nature, it is Britain's recent history of low income growth and high inequality that has left so many households really struggling to cope. "Britain's poor recent record on living standards - notably the complete collapse of income growth for poor households over the past 20 years - must be turned around in the decade ahead.
"To do that, we must address our failure to raise pay and productivity levels, strengthen our social safety net, reduce housing costs and build on what we've done well - such as boosting employment for lower-income households." Prices in the UK are rising at their fastest rate in 40 years, with inflation hitting 9.1% in the year to May.Related Topics
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