New analysis from Tower Hamlets Labour, based on research from the Resolution Foundation, reveals the staggering impact of the cost of living crisis to the local economy.
Families are set to be £2,100 worse off at the end of two years of soaring inflation and falling wages – a period the independent think tank believes we are only half-way through. That fall will mean a staggering £253 million hit to Tower Hamlets as a whole.
Publishing the analysis, the Leader of the Tower Hamlets Labour Group Cllr Sirajul Islam said:
“The cost of living crisis isn’t just hammering families in Tower Hamlets, it’s taking millions out of the local economy. That’s money that could be powering local businesses and creating jobs.
“After the Tories crashed the economy, families and business in Tower Hamlets need a real plan to help get them through, but all they get from the Conservatives are the highest taxes in seventy years and a public sector on its knees.
“But Labour has a plan. We’d end the sticking plaster politics, and bring about the long-term change this country needs. That means a Green Prosperity Plan to create good sustainable jobs by investing in areas like ours, it means real reform to get people back into work, and it means transferring power out of Westminster so communities like Tower Hamlets can take decisions for ourselves.”
- New research from the Resolution Foundation, published this month, found that typical household disposable incomes for working-age families are on track to fall by 3 per cent this financial year, and by 4 per cent next year, with the two-year cost-of-living squeeze set to leave families £2,100 worse off
- There are 120,500 households in Tower Hamlets. So the total impact on area over the two years is £253050000 (Column C x 2,100)