Families in Milton Keynes set to lose nearly £2,000 in disposable income

New research has revealed that families in Milton Keynes are set to lose nearly £2,000 in disposable income over the next two years.

The average family on £32,300 annually could be seeing a real-terms cash fall of £1,841.10 – as council tax, energy prices, broadband, phone and water bills are all set to rise this month.

This is the biggest fall in living standards since records began in the 1950s and means that real living standards will continue to be lower than pre-pandemic levels in the years to come.

Councillor Robin Bradburn, Deputy Leader of the City Council and Cabinet Member for Economy, said:

“This staggering reduction in disposable income could have a devastating impact on our local economy. If families have less money in their pockets, it’s inevitable that they won’t be able to spend as much money supporting our local businesses.

“The City Council has spent millions of pounds supporting our high streets and local businesses through the pandemic, and we will continue to provide further investment, but we can’t do it all. The Government must step up and realise the impact that their poor policies are having on our city, and the country, before it’s too late.”

Milton Keynes City Council provides millions of pounds in direct financial support for those struggling financially. More information can be found at: https://www.milton-keynes.gov.uk/benefits/cost-living-support