Boris Johnson news – live: 1.3 million people will sink into poverty amid record fall in living standards
Around 1.3 million people will be pushed into “absolute poverty” next year, a think tank has said, amid criticism that Rishi Sunak’s mini budget did little to help lower-income families.
In yesterday’s Spring Statement, Mr Sunak announced a 5p cut in fuel duty and an increase in the threshold at which people pay national insurance contributions.
However analysis from the Resolution Foundation, an economic think thank, said that Mr Sunak’s measures do not meet the scale of the cost-of-living squeeze.
Mr Sunak’s mini budget was roundly criticised in the morning papers, with many leading on the Office of Budget Responsibility’s warning that families face the biggest fall in living standards on record.
Richard Hughes, chairman of the OBR, said that people can expect a 2 per cent fall in their living standards in the coming 12 months.
