GDP growth of 0.2% means little to low-income families going without essentials
Responding to the latest figures on Gross Domestic Product (GDP) JRF Chief Economist Alfie Stirling says:
“GDP growth of 0.2% means little to the 7.3 million low-income families who right now are going without essentials like heating, eating and adequate clothing. Even those who aren’t facing immediate hardship are being squeezed from all sides. As interest rates continue to rise, the already eye watering cost of rent, food and energy is being compounded by the rising cost of credit cards, overdrafts, and mortgages.
“For too many people, and too many places, the economy simply isn’t working. There are too few good jobs with rising real pay, too few people have the resources to take risks and try something new, and there is too little investment in the things we all need, both now and for the future.”
Notes
- 5.7 million low-income households are having to cut down or skip meals because they don’t have enough money for food, while the number going without items such as food, heating or basic toiletries (63%) has remained around 7 million for more than a year. Read more, here
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