Today’s official poverty statistics show child poverty has reached a record high with an estimated 100,000 more children pulled into poverty last year.
On Thursday 21 March, the annual Households Below Average Income (HBAI) report will be released by the Department for Work and Pensions. Estimates are provided for average incomes, income inequality, and for the number and percentage of people living in poverty. The statistics are the UK’s official source of poverty estimates and, with a larger sample size than other surveys, are the main source of data on household and individual incomes.
Our pre-Budget briefing details how best to invest financial support in children to reduce child poverty and give every child the chance to fulfil their potential.
The benefit cap and the two-child limit has caused hardship to tens of thousands of families, with both policies failing to meet their original aims, according to the findings of a new study.
Ten years since the benefit cap was introduced across Britain, new research shows families affected by the policy have as little as £44 a week to live on after they’ve paid housing costs.
Today’s annual poverty statistics show an estimated 350,000 more children were pulled into poverty last year, largely because the Government cut the £20 universal credit (UC) uplift half-way through the year. New CPAG analysis shows child poverty costs the country £39.5 billion a year.
The cost of child poverty extends beyond the physical and emotional hardship felt by children growing up in low-income families. In 2008, the total financial cost was estimated to be at least £25 billion a year. In 2023, it has risen to over £39 billion a year.