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“Profound questions about who we look after when times are hard” - JRF

Peter Matejic, Chief Analyst at the Joseph Rowntree Foundation responded to the latest report from the Monetary Policy Committee of the Bank of England 

“Inflation may be slightly lower this year than previously expected, but it’s still the case that the prices of essential items have surged and are set to keep increasing in 2023.

“Persistent high inflation, which is set to remain at least twice the Bank of England’s target throughout 2023, has frightening consequences – especially with food prices at a record high and still rising. For those on the lowest incomes this is a huge chunk of their weekly budget and it’s no longer a question of heating or eating – too many are doing neither.

“This recession will not feel mild if you’re in a cold home or struggling to put meals on the table - more than 7 million people have been going without essentials such as food, heating and showers this winter and there is no real relief on the horizon for them.

“Days like today raise profound questions about who we look after when times are hard. Our governments are not powerless and should be prioritising ensuring everyone has enough to live on, so that those on the lowest incomes are not jeopardising their health or cutting back the family food budget just to keep the lights on.

“What is needed now isn’t tweaks around the edges – it is a social security system which protects us from harm when living through difficult times, and guarantees that people are able to afford the essentials which we all need to live”.

Bank Rate increased to 4% - February 2023

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