UK FACING “COST-OF-LIVING CATASTROPHE”

UK FACING “COST-OF-LIVING CATASTROPHE”

The UK is set to face a “cost-of-living catastrophe” under the Tories, according to a new Resolution Foundation report.

The independent think-tank has concluded that households will face a £1,200-a-year fall in disposable income from April due to a rise energy prices, wages stagnating, and tax increases

Patricia Gibson MP warns that unless the Chancellor acts, the grim concoction of Tory cuts, tax rises, and soaring energy bills will hammer Scottish households.

Commenting, Patricia said:

“Under the Tories, the UK is facing a cost-of-living catastrophe.

“This latest report from the Resolution Foundation concludes that millions households across the country are set to face a decline in disposable income due to Tory incompetence.

“When we combine the increase to National Insurance, soaring energy prices and wages stagnating, the reality is deeply concerning.

“The Chancellor must finally heed the warnings and urgently bring forward meaningful financial support to tackle the Tory cost-of-living crisis, reverse rising poverty, and mitigate Brexit.”

More info here https://www.resolutionfoundation.org/.../labour-market... - Resolution Foundation: Labour Market Outlook Q4 2021.

ENDS