More than a million families with a household income below £30,000 are in extreme debt, and ongoing wage stagnation is making the problem worse, according to a new report published yesterday by the TUC and UNISON.
New research by the national charity Turn2us has found that 48 per cent of low income households are not claiming the welfare benefits and tax credits they could be entitled to. This is despite the fact that 87 per cent of this group have seen no improvement to their financial situation over the last year.
UK wages have fallen more than ever before in a five-year period, the Institute for Fiscal Studies has found. Those on medium and low incomes have had their living standards undermined during an economic crisis not of their making. The undermining of social security as well as workers’ rights are likely to continue to cause social and economic damage.