The budget to foot the coronavirus bill will inflict more miseries on the less well-off
Also, according to the JRF report, around 4.4m low-income households have taken on new or increased borrowing since the pandemic hit; the number of low-income households in arrears has tripled. This is further evidence of a cost-of-living crisis. Things were bad before Covid-19 – employees had endured the longest period of average wage stagnation since the Napoleonic wars 200 years ago. But in the months ahead, spending power is likely to be depleted further.
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