Family finances under pressure
Families on low incomes and especially those who are in receipt of working age benefits will see a reduction in real terms to their incomes. The Institute for Fiscal Studies (IFS) reports that the devaluing of sterling has resulted in higher than expected inflation and will hit low income families hardest. The protection that low income families once had that linked benefit payments to the CPI inflation rate has been removed. IFS suggest that families in receipt of working age benefits could lose £360 a year.