The Cost Of Living Crisis

With the cost of living crisis being identified by Croydon’s Labour Councillors as a key issue for action by the Mayor as reported in my Croydon update posting yesterday, it is useful to know about a series of reports on it, as they may be helpful in analysing the crisis in Croydon.

Cost Of Fuel Poor Housing

Three million ‘fuel poor’ households – already struggling with the rising cost of living – are having to pay an extra £250 a year on average on fuel bills because of poorly insulated homes, according to new analysis by the Local Government Association (LGA). The LGA is calling for a redoubling of efforts to insulate all fuel poor homes by 2030, saving millions on energy bills every year. The LGA analysis shows that 2 million households in fuel poverty will need additional help to implement energy efficiency measures lifting homes up to Energy Performance Certificate (EPC) rating C by 2030:

www.local.gov.uk/about/news/englands-leaky-homes-will-cost-poorer-families-ps250-extra-year-wasted-energy

UK’s Poorest Households ‘Brutally Exposed’ To Cost Of Living Crisis

The Resolution Foundation published its’ Living Standards Audit 2022 this month, which shows that UK families have suffered 15 years of income stagnation which has left them “brutally exposed” to the current cost-of-living crisis. The Resolution Foundation says there has been a “complete collapse of income growth for poor households” over the past two decades. Real typical household disposable income growth for working age families slumped to just 0.7% a year in the 15 years leading up to the pandemic. This left households ill-prepared for the recent surge in prices. Those in rented accommodation and with young children were particularly vulnerable.

www.resolutionfoundation.org/publications/the-living-standards-audit-2022

Single Parent Families And Poverty

IFS research shows half of single parent families live in poverty Women raising their children alone are in a much weaker position to cope with the shocks of the pandemic and rising prices of basics such as food and heating, following cuts to state support by successive governments. Research shared with the Guardian by the Institute for Fiscal Studies sets out the scale of the crisis. It shows relative poverty for children in lone-parent families has risen at a significantly faster rate compared with other households. Relative poverty is defined as having an income of less than 60% of the national median, adjusted for household size. For single parents, this measure of poverty rose by nine percentage points between 2013-14 and 2019-20 to reach 49% at the onset of the pandemic. In contrast, the rate for children in two-parent families rose by only two percentage points to reach 25%.

https://ifs.org.uk/publications/16115

People Delaying Retirement

New research from Legal & General suggests that millions of people across the UK fear that the long-term impact of rising living costs could see their life goals delayed or even missed. Legal and General surveyed four thousand people and found that:

  • Two thirds of adults (the equivalent of 33 million people) worry that rising living costs will have an impact on their future plans
  • 38% of people have put their retirement plans on hold
  • Despite these worries, half of adults (52%) have not sought financial guidance.

MPs Call For Suspension Of Benefit Deductions

The House of Commons Work and Pensions Committee has published a report on the Cost of Living calling for government to suspend benefit deductions until benefits are upgraded. The report also recommends an urgent review of the benefit cap, which has been at the same level for 6 years, despite a statutory requirement to review it every five years. On Pension Credit, the Committee recommends that government works with stakeholders to develop an evidence based take-up strategy, to ensure all older people have the support needed during the cost-of-living crisis.

https://publications.parliament.uk/pa/cm5803/cmselect/cmworpen/129/report.html

Extracts from Newsletter of Essential Services Access Network July 2022

About seancreighton1947

I have lived in Norbury since July 2011. I blog on Croydon, Norbury and history events,news and issues. I have been active on local economy, housing and environment issues with Croydon TUC and Croydon Assembly. I have submitted views to Council Committees and gave evidence against the Whitgift Centre CPO and to the Local Plan Inquiry. I am a member of Norbury Village Residents Association and Chair of Norbury Community Land Trust, and represent both on the Love Norbury community organisations partnership Committee. I used to write for the former web/print Croydon Citizen. I co-ordinate the Samuel Coleridge-Taylor and Croydon Radical History Networks and edit the North East Popular Politics history database. I give history talks and lead history walks. I retired in 2012 having worked in the community/voluntary sector and on heritage projects. My history interests include labour, radical and suffrage movements, mutuality, Black British, slavery & abolition, Edwardian roller skating and the social and political use of music and song. I have a particular interest in the histories of Battersea and Wandsworth, Croydon and Lambeth. I have a publishing imprint History & Social Action Publications.
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