Two in five families will struggle to put food on the table by the time of the next general election in December 2024. Analysis from the New Economics Foundation this is an increase of 3.6 million families since the 2019 general election.
Sam Tims, economist at the New Economics Foundation said that the Uk’s weak safety net had exacerbated the problem.
He argued that the current Universal Credit system should be replaced with a new minimum income level providing people a basic standard of living regardless of whether they were working or not.
He said: “A decade of cuts, freezes, caps and haphazard migration between systems has left the UK with one of the weakest safety nets among developed countries.
“Millions of families were already living in avoidable deprivation and hardship but as we enter the greatest living standards crisis on modern records, the day-to-day experience of low-income families is set to become even more desperate.
“We need a bold new way of providing income support that will help all people deal with the challenges presented by the fast-changing world we’re living in.
“A national Living Income would set an income floor that is enough to meet life’s essentials, which no one can fall below whether they are in or out of work.”
It comes as a former Tory minister voiced concerns that 2019 Conservative voters may “sit on their hands” rather than vote for the party at the next election.
Ed Vaizey said that many Conservative MPs are worried about losing their seats as they think that some voters may have buyers remorse.
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“A lot of Tory MPs… are worried about people who decided to vote Tory who are now going to sit on their hands.
“They don’t want to go back to Labour yet, the Corbyn effect may still be happening.
“They have got buyer’s remorse in voting Tory, that is their real problem.”