MILLIONS of lower income families will be ￡300 worse off this autumn due to a “triple whammy” of spiralling living costs, research shows.

       The amount takes into account the end of the ￡20 Universal Credit uplift, an expected energy bill surge and a curb of wage growth from rising inflation.

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       The Resolution Foundation think tank found low-income families could be ￡300 worse off Credit: Getty - Contributor

       Researchers examined how the changes could impact two types of low-income households.

       The first was a single parent working part time on minimum wage - and the other was a parent working full-time with two kids.

       Both households were expected to lose the ￡20-a-week uplift in Universal Credit, which was put in place to help people through the coronavirus pandemic - but will start to be withdrawn next week.

       The analysis also considered the families will also lose out due to increases in energy bills which could rise by 12 per cent from Friday, and other cost of living changes, but also benefit from increasing real wages.

       In total, it was found that both families would lose out by ￡300 in the next three months, according to The Daily Telegraph,

       Some of the financial pain was relieved by the Treasury earlier this week by handing ￡500million to councils in a move it claims could see three million families benefit by ￡100 each.

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       Downing Street is being warned it needs to go further as speculation of a new Winter of Discontent is brewing, with fuel prices rising ahead of a National Insurance rise in April.

       Karl Handscomb, a senior economist at the Resolution Foundation, who provided the research said: "Millions of families across Britain face a triple whammy cost of living crisis this autumn as rising energy bills and price increases collide with falling income support through Universal Credit."

       He added though that while "some of these pressures are beyond the Government's control", others like the cut to Universal Credit could result in ministers "owning" the cost of living crunch.

       In the UK there are more than four million households on Universal Credit.

       Chancellor Rishi Sunak said: "Everyone should be able to afford the essentials, and we are committed to ensuring that is the case. Our new Household Support Fund will provide a lifeline for those at risk of struggling to keep up with their bills over the winter, adding to the support the Government is already providing to help people with the cost of living."

       However, some Tory MPs have voiced their concerns, including Sir Iain Duncan Smith, the former Conservative Party leader and architect of Universal Credit.

       He said that ministers knew there was a problem coming and urged them to “bite the bullet”.

       Sir Iain told the Daily Telegraph: "While I welcome any extra money, it I am puzzled as to why Universal Credit isn't the recipient.

       "That is a better way of targeting the money – this will be patchy and likely to be very inefficient."

       Nigel Mills, the Conservative MP for Amber Valley, said: "I still believe that ending the uplift to Universal Credit is a mistake.

       "While many families are now back on their feet, we have not yet fully emerged from the pandemic and there are still many households needing further support this winter."

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       Chancellor Rishi Sunak launched the Household Support Fund earlier this week Credit: LNP 3

       Some families may struggle to stay financially afloat Credit: Image Source - Getty We pay for your stories!

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