Lack of support will push 1.3 million into poverty, economists warn

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Around 1.3 million Britons will be pushed into absolute poverty by the cost of living squeeze, after the chancellor failed to offer more support to low income households in his Spring Statement, the Resolution Foundation, an economic think tank, has said. “The decision not to target support at those hardest hit by rising prices will leave low-and-middle income households painfully exposed, with 1.3 million people, including half a million children, set to fall below the poverty line this coming year,” said Torsten Bell, chief executive of the Resolution Foundation. open image in gallery Typical household incomes are set to fall by 2 percent up to 2025 The average working family is set to lose £1,100, a 4 per cent fall in their income next financial year, the analysis of the chancellor’s Spring Statement showed. It is also the worst parliament on record for plummeting living standards, the Resolution Foundation said, with household incomes set to fall by 2 per cent up to 2025, double that seen during the financial crisis.