Families across Milton Keynes are set to feel much poorer over the next two years as the Conservatives’ Autumn Statement makes the cost of living crisis feel even worse – with new research showing that over £192m in disposable income is set to be lost from the local economy.
Research from the Resolution Foundation, published following the Autumn Statement, revealed the average household is set to see real disposable income fall by £1,700 over the next two years – the largest fall on record.
Today, new analysis from the Labour and Lib Dem Progressive Alliance shows this will mean a staggering £192,100,000 is lost across our community.
Councillor Rob Middleton, Labour Progressive Alliance Cabinet Member for Resources, said:
“It’s devastating that families in Milton Keynes are set to pay the price of Conservative economic mismanagement for years to come. Disposable income will collapse as bills rise, inflation remains sky-high and taxes will soar ever higher. We are all going to feel an average of £1,700 worse off in two years’ time, and what’s more that’s over £192m that won’t be spent on the local economy supporting businesses and jobs.”
This year, families will really feel the crunch as real wages continue to fall. Research suggests that low and middle earners will be impacted the most, so the Progressive Alliance has stepped up to provide over £21m in direct cost-of-living support this year. This includes:
• Over £15 million to help residents on low incomes pay their Council Tax bill
• Over £3 million for concessionary public transport fares
• Half a million pounds to help people struggling with the energy crisis
• £150,000 to maintain a Local Welfare Provision Scheme, which can help residents in need by providing items such as beds, cookers, and fridge freezers
• Over £3.3m in practical and financial support as part of the newly announced Winter Plan
Councillor Jane Carr, Lib Dem Progressive Alliance Cabinet Member for the cost-of-living crisis, added:
“The Conservative Government has created this cost-of-living crisis and their Autumn Statement is set to make us even poorer. Some people will be forced to choose between heating, eating and debt, let alone having disposable income to buy little luxuries. Sadly, we can expect our businesses to suffer as a result. The Progressive Alliance will do all we can to support those impacted, but we cannot do it all. The Government need to take responsibility for the mess they have created.”