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Average UK Family Will Be '£480 Worse Off' This Year Due to Iran War
The think tank said rising energy prices will cut income growth to -0.6% this financial year, with the poorest households seeing smaller gains.
- The Resolution Foundation reported Monday that the average UK household could be £480 worse off this financial year as rising energy and fuel prices driven by the Iran War erode projected income growth.
- Energy price volatility and Brent crude oil, which surged past $100 a barrel, have destabilized household finances, with experts warning bills could rise dramatically when the current price cap expires in June.
- Resolution Foundation Chief Economist James Smith warned that middle-income earners face a 'squeeze' that has tipped expected growth into negative territory, even as poorest households see slight gains from benefit increases.
- Calls for an energy social tariff have intensified, yet Chancellor Rachel Reeves has indicated opposition to universal subsidies, focusing instead on targeted assistance for the hardest hit.
- Prime Minister Keir Starmer has pledged to tackle the rising cost of living, though analysts warn the conflict's economic impact will likely persist throughout the year following collapsed peace talks.
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Cornwall Live
Cornwall Live£480 warning as Government told to use HMRC to speed up support
The head of Energy UK says it is inevitable energy bills will go up again this summer
·London, United Kingdom
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Coverage Details
Total News Sources32
Leaning Left3Leaning Right2Center20Last UpdatedBias Distribution80% Center
Bias Distribution
- 80% of the sources are Center
80% Center
12%
C 80%
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