147,200 households in Croydon are ‘seriously struggling’ with their finances as Conservatives ignore Cost of Living Crisis

New data shows that an estimated 147,200 local families are in serious financial difficultly, all while the Conservatives are distracted trying to fix their crumbling government.

Research conducted by Bristol University and Abrdn Financial Fairness Trust has found that rising prices have pushed more people into “serious financial difficulties” than the pandemic. These families are forced into reducing the quality of the food they eat, selling or pawning possessions or cancelling or not renewing insurance.

A total of 4.4m households – one in six across the country – are now estimated to be in such difficulties, up 1.6m over the last nine months, with single parents, renters, people with disabilities, and families with three or more children the groups facing the most difficulties. This is worse than any point during the pandemic.

The analysis, published today by Croydon Labour, comes as the Conservative leadership race continues to ignore the worst cost of living crisis in generations. The Labour is calling for an emergency budget.

Labour’s Stuart King said:

“Every family in Croydon is feeling the pinch from the cost of living crisis, and these figures reveal that 147,200 households are seriously struggling to make ends meet.

“Families in Croydon need a government focussed on the cost of living crisis and providing real help. Instead we’ve got a Conservative Party mired in scandal and fighting like rats in a sack. Their leadership contest has nothing to say about the real concerns of people in Croydon. Instead it’s all fantasy tax cuts for big business and invented, irrelevant controversies.

“Britain needs a fresh start. Labour has a plan to tackle the cost of living crisis starting with an emergency budget. We would cut VAT on energy bills, insulate 19m homes, cut small business rates, and ensure we buy, make and sell more in Britain.”