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May 10, 2022

Andrew Campbell 

Dominic Caddick, Sam Tims, and Alfie Stirling of the New Economics Foundation warned on March 14 that by April 2022, 23.4 million people, or 34.2 percent of the UK population, would be living below the Minimum Income Standard (MIS).

Food has become more expensive as producers pass on rising energy costs to consumers. According to the Bank of England, prices in the United Kingdom rose by 7% in April, the highest rate in 30 years. It also warned that inflation could reach 10% in the coming months. 

New statistics show the magnitude and inequity of the UK's cost of living crisis. Despite the highest level of inflation in a generation, the NEF recommends that the United Kingdom implement a "Living Income," a new social security system that ensures that everyone receives the minimum income required to deal with the challenges and opportunities of a rapidly changing economy.