Report finds average households in Cornwall to be £1700 worse off in two years' time

By Max Goodman

29th Nov 2022 | Local News

Jayne Kirkham Parliamentary candidate for Truro and Falmouth
Jayne Kirkham Parliamentary candidate for Truro and Falmouth

New research from the Resolution Foundation has shown that the average household in Cornwall will see real disposable income fall by £1700 over the next two years – the largest fall on record. 

The Resolution Foundation is an independent think-tank focused on improving living standards for those on low to middle incomes, the Foundation conducts authoritative analytical research and has just released a report 'Putting the 2022 Autumn Statement in context'.

The report says: "Average real household disposable incomes are forecast to fall by 7.1 percent over this year and next – equivalent to £1,700 per household – by which time average incomes will have fallen back to 2014 levels

Jayne Kirkham, Parliamentary candidate for Truro and Falmouth said: "We are going to be an average of £1700 worse off in two years' time but families are already struggling with energy bills, childcare costs, and rising inflation. "

The report also showed the issues we face with a lack of support for rising energy bills: "The level of support in 2023-24 is set to be significantly less than the rise in energy bills that households will have experienced since 2021-22 (bills are forecast to be more than three-times their 2021-22 levels in 2023-24, an increase of £2,300). The new package offsets just 30 percent of this increase in energy bills on average, and just under half (48 percent) for an average household in the lowest-income quintile."

Jayne Kirkham continued to share her concern for the people of Cornwall: "This is the result of 12 years of a Conservative government with austerity and economic mismanagement, followed by 12 weeks of chaos in the summer and the Autumn budget statement with no plan for growth – just measures to make us all poorer. 

"In Cornwall, £1700 per household equates to more than £425 million that will no longer be circulating in our economy, supporting business and jobs. The prospects for our families, businesses, and our young people are worrying." 

"Labour has a solid plan to get Britain's economy working again: abolishing business rates to create a fairer system and a new Green Prosperity Plan to bring down energy costs and secure well-paid jobs for the future." 

You can read the full report from The Resolution Foundation here: Help-today-squeeze-tomorrow.pdf (resolutionfoundation.org)

     

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