The Resolution Foundation warns of weakened living standards for middle-income households due to weakening wage growth and rising rent/mortgage costs.
The Resolution Foundation warns of a weak living standards outlook for middle-income households, with predictions even worse for poorer families. The Living Standards Outlook 2024 report states that wage rises are forecast to weaken and be overtaken by rent and mortgage cost increases. The foundation proposes three scenarios to improve the outlook, including lifting the two-child benefit cap and uprating working-age benefits in line with wages rather than prices. The think tank emphasizes that the new government needs to act to beat the forecasts they have inherited.
August 29, 2024
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