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PPI Claims: Poverty 'will become widespread'

PPI claims may become more prevalent in the future.

Tim Nichols, spokesperson for the Child Poverty Action Group, said middle-income families are beginning to be affected by the financial crisis.

These households were falling into poverty as incomes fell due to unemployment and the government's austerity measures, which meant families were no longer receiving any tax credits, he stated.

Mr Nichols explained that it was foolish to think that the era of boom and bust was over and now people are facing the consequences.

His comments came after an Institute for Fiscal Studies report revealed that median real-term income is expected to fall by seven per cent by 2012-13. This would be the country's biggest three-year decrease in 35 years.

The reduction would lead to increasing amounts of poverty in the UK, with 800,000 extra adults predicted to be living in absolute poverty when the government cutbacks come into effect.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt. ADNFCR-2776-ID-800759564-ADNFCR

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