300,000 more people could be living in “absolute poverty” in the UK than previously thought, according to a shocking new report.
Research from the Institute for Fiscal Studies (IFS) found that poorer households have experienced larger increases in living costs than richer households, mainly due to rises in food and energy prices.
> Well – who’d have guessed ?
IFS say that taking into account “differential inflation” since 2010-11, the number of people recorded as being in absolute poverty would be 300,000 higher in 2013-14 than official figures suggest.
Between 2002-03 and 2013-14 the poorest 20% of households saw prices increase on the typical goods they purchase by 50%, compared to richest 20% who saw prices rise by 43%.
According to the IFS, poorer households devote more of their income on things like food and energy, whereas the richest 20% of British society spend more on areas such…
View original post 473 more words