Cost of living crisis: support for low-income households must be a priority

Responding to today’s ONS Cost of Living release, Jack Leslie, Senior Economist at the Resolution Foundation, said:

“Today’s ONS release shows that the cost of living crisis is already hitting UK families hard, with over four out of five adults already reporting an increase in their living costs between February and March 2022, and over two in five reporting that they were struggling with rising energy costs in March – before the lifting of the price cap in April.

“The combination of shrinking pay packets and rising costs means that the pressure on households is building, with lower-income families set to feel the squeeze the most, and over a third of the most deprived fifth of households in England already saying it has been difficult or very difficult to pay their usual bills. This is set to get worse, with the estimated number of households experiencing fuel stress hitting five million this month.

“Going forwards, the Government must do it all it can to protect those who will be hardest hit – with support for low-income households a priority.”