The cost-of-living gap between the richest and poorest households in the UK has reached the highest since records began in 2006, research suggests.
The Resolution Foundation said the gap in the inflation experienced by the richest and poorest 10th of households grew to 1.5 per cent in April.
The think-tank said the difference illustrates why low-income families are at the sharp end of the UK’s cost-of-living crisis.
Its analysis showed that headline inflation for the poorest 10th of households has now hit 10.2 per cent, compared with the 8.7 per cent rate experienced by the richest 10th of households.
This was said to be because lower income households spend a greater share of their family budgets on energy bills, which are rising sharply.
The foundation said it believed the best targeted support for millions of low-and-middle-income households would come through the benefits system.
“Everyone is feeling the effects of the cost-of-living crisis, which is fuelled by the highest inflation in 40 years," said Jack Leslie, senior economist at the Resolution Foundation.
“With rapidly rising food prices and soaring energy bills driving the recent inflation surge, low-income families are at the sharp end of this squeeze. The cost of living gap between rich and poor households is at its highest level since comparable records began," he said.
“As the government prepares a fresh round of cost-of-living support, it is clear where it’s needed most. The Chancellor should prioritise significant targeted support at low-and-middle-income households.
“Doing so swiftly in the months ahead will be logistically challenging, but it can be done, whether through the benefits system or a heavily-reformed Warm Homes Discount scheme,” he said.
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How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
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- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
