Poorest families ‘need to cut spending by THREE times as much as better-off households this winter’

poorest families ‘need to cut spending by three times as much as better-off households this winter’

THE poorest families will have to cut spending by three times as much as better-off households this winter, says a report.

They will need to trim outgoings on non-essentials by 24p in the pound to afford energy bills.

poorest families ‘need to cut spending by three times as much as better-off households this winter’

Higher earners will feel the impact less because gas and electricity expenditure makes up a smaller slice of their outgoingsCredit: Getty

poorest families ‘need to cut spending by three times as much as better-off households this winter’

Higher earners will feel the impact less because gas and electricity expenditure makes up a smaller slice of their outgoings

So for every £4 they have spare for treats or unexpected outlays will drop to £3 by January.

In contrast, the richest tenth of households will only have to cut back 8p in the pound.

The Resolution Foundation report shows that poorer families will have much less spare after paying for essentials such as energy, rent, food, transport and phone bills.

Higher earners will feel the impact less because gas and electricity expenditure makes up a smaller slice of their outgoings.

The Government announced a £15billion package of energy bill support in May. At that time, household utility bills were expected to rise to £2,800 a year from October.

But latest forecasts suggest they could hit £3,582 a year for a typical household from October, and £4,266 a year from January.

Karl Handscomb, at the Resolution Foundation, said: “Helping the lowest-income households remains the core priority. But preventing families on middle incomes from falling behind on energy bills should be part of any new strategy.

“Longer-term, the fact that families in energy-inefficient housing will be facing some of the most severe rises also highlights the need to source cheaper energy and properly insulate UK homes.”

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