• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
  • Guest Content
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
No Result
View All Result
Home Business and Economics Economics

The cost of UK poverty is £78bn EVERY year

A new study has studied how much poverty impacts on the UK economy and the results are shocking. The Joseph Rowntree Foundation, who conducted the research, have reported that the national cost is £78bn, which costs each taxpayer a huger £1,200 a year. Poverty is categorised as living on an income which is less than […]

Joe Mellor by Joe Mellor
2016-08-01 10:38
in Economics, News, Politics
FacebookTwitterLinkedinEmailWhatsapp

A new study has studied how much poverty impacts on the UK economy and the results are shocking. The Joseph Rowntree Foundation, who conducted the research, have reported that the national cost is £78bn, which costs each taxpayer a huger £1,200 a year.

Poverty is categorised as living on an income which is less than 60 per cent of the median. The JRF looked at how these people’s needs create demand on various government services.

Without even taking benefits into account, the JRF calculated that the total figure on the public purse is almost reaching £80bn, a huge figure. They did not include the cost of benefits aimed at stopping poverty or assisting those to get out of the poverty trap, for example jobseeker’s allowance or working tax credits.

The health services took the lion’s share of the cost, this is because people who are poorer tend to suffer more from ill health than those from a wealthier background.

The research was carried out in association with Heriot-Watt and Loughborough universities, believe they are the first to investigate the true cost of poverty on government departments across all age groups in the UK.

Professor Donald Hirsch from Loughborough University said it was hard to estimate the full cost of poverty, ‘not least its full scarring effect on those who experience it’. He said: ‘The experience of poverty, for example, makes it more likely that you’ll suffer ill health or that you’ll grow up with poor employment prospects and rely more on the state for your income.”

Julia Unwin, the chief executive of the foundation, said: “It is unacceptable that in the 21st century, so many people in our country are being held back by poverty. But poverty doesn’t just hold individuals back, it holds back our economy too.

“Taking real action to tackle the causes of poverty would bring down the huge £78bn yearly cost of dealing with its effects, and mean more money to create better public services and support the economy. UK poverty is a problem that can be solved if government, businesses, employers and individuals work together.”

The new PM Theresa May, will need to tackle these demands on the public purse and would see the national living wage, brought in by ex-Chancellor George Osborne, could begin to alleviate some of the poverty found across the UK, but there is no guarantee it will work long-term.

RelatedPosts

Ex-councillor jailed over £430k Eat Out to Help Out fraud

South Park hilariously troll Andrew Tate in latest episode

David Frost says Remainers are ‘about to be humiliated’ over trade deal that will boost UK economy by 0.08%

Petition calling on Govt to hold a Public Inquiry into impact of Brexit reaches 130k signatures

Content Protection by DMCA.com
Tags: featured

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending

Elevenses: Exposing the Tories’ Deepfake Illegal Immigration Bill

Elevenses: Rishi’s Finest Hour

Elevenses: Fear and Loathing in the New Conservatives

More from TLE

SLOE LANE – M6 motorway shut for 11 hours after lorry spilled 32,000 litres of GIN onto carriageway

England fans testing positive for ‘Wembley variant’ soars after Euros final

Johnson will defend smallest personal majority for a PM since 1924

Babies and children among migrants held in ‘shocking’ conditions in Dover

Aberdeen Emerging Markets – Access to a wealth of talent

First ever Sellafield firefighters’ strike to go ahead after talks fail

10 climate emergencies that happened this week

Shut by Coronavirus this Berlin restaurant has reopened for homeless people

Taxpayers £300k out of pocket as Johnson’s unusable water cannons get sent to the scrap heap

In Pictures: Solar eclipse ‘ring of fire’ delights crowds across Asia

JOBS

FIND MORE JOBS

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

Contact

Editorial enquiries, please contact: [email protected]

Commercial enquiries, please contact: [email protected]

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.