Families don’t feel the economy has “turned a corner” as they are still struggling to make ends meet despite the Chancellor’s boasting.
Jeremy Hunt has been on a victory lap after figures showed prices were not rising as fast as they had been, even though bills are not coming down. Fewer than one in six (16%) of voters think their personal finances will improve over the next six months, according to a new poll.
More than double that number (38%) worried their situation will get worse this winter, the polling commissioned by Stop the Squeeze campaign group suggests. It adds the cost-of-living crisis remains one of the top concerns of voters.
Speaking last week as inflation figures fell to 4.6% in October from 6.7% the previous month, Mr Hunt claimed: "We have turned a corner in a big way this week with the inflation halving".
Lindsey MacDonald, CEO of the Magic Breakfast, a charity delivering free breakfasts to school children facing hunger, said many families "no longer have any resources left to manage".
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She said: "The slowing of price increases, shown in October's inflation figures is welcome. However, unless there's concerted investment and support, for the lower paid and people reliant on benefit payments; we will continue to have shamefully large numbers of children, families and vulnerable people cold, hungry and without resources to change this.”
Sara Hall of Tax Justice UK added: “The Chancellor could raise tens of billions to spend on the things that matter most by ensuring the very richest in the UK pay their fair share.
"It is time the government got serious about properly taxing those with the most, and ending Britain’s unfair tax system that provides loopholes to the super-rich and the wealthiest companies. "Despite being among the richest countries, far too many people in Britain are living in fear of bills coming through the letterbox each month.”
Stop the Squeeze group is calling on the government to tackle the cost-of-living crisis by raising taxes on wealth and guaranteeing affordable energy. Opinium Research carried out an online survey of 2,056 UK adults aged 18+ from 15th to 17th November 2023.