Soaring bills leave millions in poverty as UK faces recession from October
- Around 1.2m on lowest income will have to choose between eating and heating
- One in five households, at 5.3m, will have no savings by 2024
More than 1million households will ‘experience destitution’ over the coming months as their food and energy bills top their disposable income.
Around 1.2million of Britain’s lowest income families will have to choose between eating and heating as the cost of living soars, according to think-tank the National Institute of Economic and Social Research (NIESR).
One in five households, at 5.3million, will have no savings by 2024 – more than double the current level.
One in five households, at 5.3m, will have no savings by 2024, according to NIESR
In total, NIESR estimated 6.8million will be living pay-cheque-to-pay-cheque with savings worth less than two months’ disposable income.
Adrian Pabst, NIESR’s deputy director for public policy, urged the new prime minister and chancellor to provide immediate emergency support to the most vulnerable households.
The bleak warnings came as the institute said a recession is likely to hit from October, when the price cap on energy bills jumps yet again.