If there was any doubt working families are the ‘new poor’
Duncan Richardson, News Editor
19 Jul 2016, 10:13 a.m.
The success of a country can be measured by the size and productivity of its middle class. In Britain today, middle income working families are being labelled the “new poor” by the UK’s leading think tank the Institute for Fiscal Studies.
Two out of every three children living in poverty have at least one parent working. The gap between Britain’s poorest households and those on middle income is at its lowest level for 20 years.
The young are suffering the most, with incomes for the under 25’s still languishing at pre-2008 levels. Whilst the over 60’s have experienced a 11% increase to their annual income. Recent studies estimate 20 million people in the UK are now living in poverty, with one in thee Britons living below the internationally accepted minimum living standard.
With the global economy stalling and public finances under pressure it seems unlikely these trends will reverse anytime soon.