Our economy has been hollowed out. More families are in work but struggling to make ends meet as underemployment, job insecurity and low pay dominates the lives of too many. On top of that millions of people pay more of what little they have for basic goods and services.
Poverty premium means that people living in poverty or on a low income are often paying more for the same goods and services than people who are better-off financially. Research from the University of Bristol suggests that this could cost low income families on average £490 a year. Of course, averages can hide extremes. In its worst manifestations, poverty premium can cost some households over £1000 a year.
Read more from Jim McMahon for the Fabian Society here: https://fabians.org.uk/why-being-poor-can-cost-the-earth/