Labour has vowed to end the “perfect storm” created by the Tory government of “low pay, insecurity and working poverty”, which is “causing terrible stress for millions of families across the country”.
According to new House of Commons library analysis, almost 13 million adults in the UK’s working households have no savings.
This figure has increased by 2.5 million since the Conservatives took power in 2010, and by more than one million between 2015, when the Tory-Lib Dem coalition ended, and 2017.
The news comes after the Office of National Statics revealed that household debt has been growing over the last six years, and has now reached 133% of income.
With fresh research findings, Labour now knows that its plan to implement a living wage of £10 an hour as the national living wage in 2020 would award the lowest paid workers in the country with a pay rise of £2,640.
Jeremy Corbyn, who will highlight these issues during a visit to Worcester Housing and Benefit Advice Centre on Thursday, commented: “With real wages lower than they were ten years ago, deep cuts to social security, rising borrowing just to make ends meet and the growth of insecure work, the Conservatives have created a perfect storm of low pay, insecurity and working poverty.
The Labour leader added: “This rising insecurity, with so many without savings to fall back on, is causing terrible stress for millions of families across the country.
“These scandalous levels of in-work poverty are unacceptable and must be brought to an end. Every job should provide dignity and security.
“That’s why the next Labour government will introduce a Real Living Wage putting over £2,600 per year more in the pockets of around 6 million low paid workers, stop the roll out of Universal Credit and ban zero-hours contracts.”