Responding to the Autumn Statement, Karen Barker, Head of Policy and Research at abrdn Financial Fairness Trust, said:
“We welcome the Chancellor’s announcement that the National Living Wage will increase and that social security benefits and pensions will rise in line with inflation.
“In the current environment of high inflation and rising prices for everyone, it is right to take these steps to prevent further catastrophic slides in living standards for those on the lowest incomes.
“However, even with today’s measures, many are in for a tough winter. Our research shows 15.5m households are struggling to pay their bills and financial insecurity is creeping up the income scale. For those on middle incomes, today’s measures to freeze income tax bands and the increase of the energy price guarantee will bring further pressures. It is certainly not just the wealthy who are going to take the strain.”
