Grim predictions for UK family finances up to 2015 are revealed in new evidence produced by the Institute for Fiscal Studies (IFS) for the Family and Parenting Institute (FPI), published yesterday. The report says the median income among families with children is projected to fall between 2010 and 2015 by 4.2 per cent. For a couple with two children this equates to £1,250 less a year by 2015. Families with children aged under five, families with more than two children, and lone parent families not in paid work will bear the biggest financial pain in years ahead, says the research. The report, is the first to reveal the prospects for poverty rates and income for different family types up to the year 2015. Dr Katherine Rake, Chief Executive of the FPI, commented: ‘These figures reveal the full extent to which families with children are shouldering the burden of austerity.
Pray: for the Government to ensure there are proper safeguards to protect the most vulnerable from the more serious effects of the austerity measures. (Ps.83:3)