48% of children living in London are in households with incomes below what they need for a decent living standard.
While companies like British Gas post record first-half profits of close to £1bn as a result of soaring energy costs, more than 3.5 million Londoners, including 1 million children, have been found to have an income below what is needed for a basic standard of living, according to a new report.
The report, funded by the Trust for London, which funds organisations fighting for a poverty-free London, was released earlier this week and looked at the minimum required for a basic standard of living in the capital.
The minimum income standard includes ‘the cost of essentials and also being able to take part in society to a modest degree – such as an occasional meal out’.
The report finds that: “Rising food and energy costs mean that Londoners now need to earn substantially more for a minimum standard of living than the last time this research was carried out, in 2020.”
It adds: “Wages and the social security system are falling well short of providing millions of Londoners with an acceptable standard of living.”
Among the report’s key findings were that around four in ten Londoners are unable to afford to “live with dignity”, while a single, working adult in London now needs to earn 30% more for a decent standard of living than in 2020, the last time the research was carried out.
48% of children living in London are in households with incomes below what they need for a decent living standard, compared to 40% in the UK in the same year, while just more than a third of pensioners living in London (35%) have incomes below the minimum income standard.
Rising food and energy costs along with the high cost of rent were among the primary reasons for people struggling to keep up with a minimum standard of living., with some 74% of Londoners living under the minimum income standard being renters.
Matt Padley, the report’s lead author, said: “This is not about an extravagant lifestyle, but about doing the sorts of things that many of us take for granted.
“It’s clear that meeting this decent standard of living is just not possible for lots of people living in the capital and this means having to make difficult choices about what to prioritise.
“No one should have to worry about where their next meal is coming from, or whether they can keep a roof above their head.
“All people should be able to feel secure where they live, connected to those around them, able to live with dignity.
“We desperately need a shared vision of what London could be – for everyone – and a clear plan of how to achieve this.”
Basit Mahmood is editor of Left Foot Forward
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