AI image (Credit: Lexica)UK families face declining living standards by 2030, with lower-income households experiencing twice the decline compared to middle and high-income earners, according to recent data from the Joseph Rowntree Foundation (JRF).This challenges Keir Starmer 's commitment to improve working people's financial situation. The poorest third will particularly suffer from increased housing costs, reduced real earnings and static tax thresholds.As a possible solution, JRF's Alfie Stirling advocated increased taxation for wealthy individuals rather than cuts to address declining living standards. "There is no doubt the government is facing an unenviable list of economic pressures and uncertainties, ranging from the domestic to the international. "It is wrong, and ultimately counterproductive, to try and rebuild the public finances through cuts to disability benefits. Instead, government should be addressing hardship and raising living standards directly, as part of their strategy for growth.

Source: The Times March 23, 2025 04:31 UTC