Displaying items by tag: household incomes

With inflation rising, young people are feeling the pinch more than ever. In a national poll conducted at the beginning of 2022, which involved more than 11,000 people, London came out bottom - with just 37% of Londoners saying they felt their rent was affordable. There is also a gender gap, with 1/3 of women in London spending over 50% of their salary on rent, compared with 1/4 of men. See The Resolution Foundation said the dramatic increase in global oil and gas prices was forecast to push UK inflation above 8% this spring, causing average incomes across Britain to fall by 4% in the coming financial year. That is worth £1,000 per household, the biggest annual decline since 1975. It warned chancellor Rishi Sunak that urgent steps were required to help the poorest families in Britain with soaring living costs, adding that weak wage growth and high inflation would drive more children into poverty.