Labour could oversee worst parliament on record for living standards, study warns
Summary
A study by the Joseph Rowntree Foundation warns that under the upcoming Labour government, living standards in Britain could fall to their lowest level since records began in 1961. Rising energy and housing costs are the main causes, and experts say urgent and bold government actions are needed to reduce the financial strain on households.Key Facts
- The Joseph Rowntree Foundation predicts household incomes after housing costs will drop by £440 to £770 in real terms by 2029-30 compared to two years ago.
- This decline would be the largest fall in living standards since official records started in 1961.
- Labour's John Healey plans a budget with around £1 billion in extra support for energy consumers, though some argue this may not be enough.
- The government is considering increasing a discount on energy bills for low-income households by £100, funded by taxpayers.
- Rising energy prices, partly due to new conflicts in the Middle East, are pushing inflation and interest rates higher.
- Higher borrowing costs mean mortgage rates have increased to 6% for the first time in three years.
- Labour officials are working on both short-term relief and long-term solutions like public control of energy supply.
- The report calls for more ambitious policies to provide cheaper baseline energy for all households.
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