Brand new analysis has revealed that just under one million people – 900,000 – in the UK are just £10 away from poverty as the cost of living crisis continues to bite.
Following the release of the statistics from the Joseph Rowntree Foundation (JRF), the think tank is calling for both Sir Keir Starmer and Rishi Sunak to help improve the UK economy so fewer people are at risk of falling into poverty.
In a statement released with the report, CEO of the JRF Paul Kissack warned: “Such high levels of hardship, with millions experiencing poverty and millions more teetering on the edge of it, are a stain on the moral conscience of our nation.
“It has been six prime ministers since this country last made sustained progress on reducing poverty. During that time we've seen a sustained rise in the number of people in deep poverty, with hardship and destitution growing even faster.”
Mr Kissack added that whoever becomes Prime Minister after this year's general election “must make reversing this dismal trend a priority”.
He added: “Our political leaders must be specific and ambitious about how they will tackle poverty.
“But so far there hasn't been anything like the level of urgency from either Rishi Sunak or Keir Starmer that we need to see. Pointing to future growth as a panacea just won't cut it.”
The JRF said that while 900,000 were £10 from poverty, if found a staggering 1.7m were £20 a week from poverty. Of this group, 300,000 were pensioners and 200,000 were children.
The cost of living crisis is proving to be one of the key talking points ahead of the General Election as people call for answers to how the economy will be fixed so they can have more money in their pockets.
It comes as a survey by Royal London found 22 percent of 18 to 34-year-olds had decided to alter whether to have a family because of the economic cost of doing so. Eight percent in that age bracket revealed they were having to postpone having children because it is currently too expensive.
Royal London consumer finance guru Sarah Pennells said of the trend: “We've been tracking how people have been responding to the financial challenges of the rising cost of living for more than two years and it's clear we're now starting to see that people are making changes to their longer-term life plans.
“When prices for food and energy were increasing, we saw people cut back and make changes to their spending and shopping habits, but now we're seeing that some major life decisions are being delayed as people are weighing up whether or not they can afford to act on the plans they'd made.”