Survey Reveals Majority of Britons ‘Struggling’ Amidst Worst Cost of Living Crisis in a Generation
An exclusive poll conducted by BMG Consulting on behalf of i has found that 58% of voters in the UK are currently facing financial difficulties, with many stating they are ‘struggling’ or ‘just about managing’ due to the unprecedented cost of living crisis.
The figures come at a critical time as the Bank of England is set to decide on whether to raise interest rates for the 14th consecutive time, with speculation suggesting a potential increase of 0.25 percentage points to 5.25%.
Pressure is mounting on the Bank of England to make a decision following similar moves by the US Federal Reserve and the European Central Bank, which have both raised base rates by a quarter point recently. However, there are concerns that another rate hike could push the economy into an unnecessary recession, leaving households already grappling to balance their finances.
The polling data indicates that a significant portion of the population is worried about meeting everyday expenses such as food, petrol, and bills. More than half of the surveyed individuals, 52%, expressed concerns about affording these essentials each month, and 18% said they were “very worried.”
A vast majority of respondents, 80%, view the cost of living crisis as the most pressing issue facing the country at present, raising questions about Chancellor Rishi Sunak’s chances in the upcoming election, given the challenges in managing this crisis.
Inflation has been persistently high throughout 2023, with recent figures showing a 7.9% rise in prices last month. Prime Minister’s efforts to bring down inflation to half of the current 10.1% rate he promised in January have been met with difficulties.
The soaring cost of food has also contributed to the financial strain on families, with official data from the Office for National Statistics showing a food inflation rate of 17.4%, the highest in over four decades, despite a slight decrease from the previous month’s 18.4%.
Additional evidence of the financial squeeze on families emerged through polling showing that parents are opting to take their children out of school early to avail cheaper summer holidays. Around 59% of parents surveyed revealed that they have either planned or would consider taking their children out of school ahead of schedule to secure less expensive flights and bookings.
Sarah Olney MP, the Liberal Democrat Treasury spokeswoman, expressed her concern over the lack of meaningful government support for struggling families. She criticized the government for burdening ordinary families with endless tax hikes and stagnant wages, adding that the next election would be a time for people to remember their hardships during the cost of living crisis while the Conservatives were embroiled in their internal conflicts rather than addressing the people’s needs.
