Alarm bells over ‘at-risk’ living standards

IFS warns government must take decisive action to boost low incomes or risk ‘significant damage’ to UK economy

Think tank says 1.3m people have been pulled into poverty since 2019, with 3m set to follow by the end of the decade

The living standards of millions of people in the UK are at risk, a leading think tank has warned, as it called on the government to take decisive action to boost low incomes.

In a report published on Monday, the Institute for Fiscal Studies (IFS) said that 1.3m people have been pulled into poverty since 2019, and that 3m more are set to follow by the end of the decade.

The report said that the poorest households are being hit hardest by the cost of living crisis, with their incomes falling by an average of £1,000 a year since 2019.

The IFS said that the government must take action to boost low incomes, such as increasing the minimum wage and providing more support for families with children.

The report comes as the government is facing increasing pressure to do more to help people with the cost of living crisis.

In recent weeks, there have been a number of protests and demonstrations calling for the government to take action.

The government has said that it is aware of the challenges that people are facing and that it is taking action to help.

However, the IFS report suggests that more needs to be done to protect the living standards of the poorest households.

The report said that the government's current plans to increase benefits by 3.1% in April will not be enough to offset the impact of rising inflation.

The IFS said that the government should consider increasing the minimum wage by more than the current planned 6.6%, and that it should provide more support for families with children.

The report also said that the government should consider providing more support for people with disabilities and for those who are struggling to pay their energy bills.

The government has said that it is committed to helping people with the cost of living crisis and that it will continue to monitor the situation.

However, the IFS report suggests that the government needs to do more to protect the living standards of the poorest households.