A bleak future ahead
If the title above seems ominous to you then beware because the recent study done by Institute of Fiscal studies revealed that approximately three million British children will be living in poverty by 2013. Thanks to the economic crunch and euro-zone crisis the average household incomes are undergoing a fast decline.
Two years of serious downfall in the incomes of middle-income British families have forced about 600,000 families in the category of poor. After the seventies it is the biggest decline in the standard of living of Britain.
Poverty in Great Britain is defined as household income below sixty percent of national median income. According to this definition about seventeen percent of British kids were living in absolute poverty during 2009-2010. Notwithstanding the government’s palliative efforts, poverty will grip another twenty-two percent if the trends continue.
Moreover, in 2013 there would be about two million working class parents and four million working class adults whose children would be classified in the category of absolute poverty. This news has given suitable fodder to the opposition and media to slam the already battling government.
Although the prime minister has been promising time and again that Universal Credit Scheme would be successful in changing this trend. But till now the general population seems no such results. Probably the undiagnosed compensation that the government owes to public has exceeded the government’s expectation.
Since these statistics have been revealed IFS director Paul Johnson has been crying foul. If he is to be believed then government will not reach its poverty reduction goal even in the next ten years. It seems that Tory-led government is unable to fulfill its promises as the difference between its words and actions widens with every passing day.
It is said that the future is almost impossible to predict, but if these figures have any veracity then tough times lie ahead for this nation.
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