Steve conducts survey on Cost of Living
Steve undertook his ‘Cost of Living Survey’ between 15th – 20th May in Billesley, Brandwood, Bournville and Selly Oak. 76% of constituents who responded to a survey conducted by Steve McCabe MP have said they are worse off than 12 months ago.
“The results show quite clearly how difficult many families are finding it. Three quarters say they are worse off than they were 12 months ago with higher fuel prices, electric and food prices having the greatest impact on family budgets. Families are also fearful about the opportunities which are going to be available to the next generation. 72% of respondees are concerned or extremely concerned about this.
“It is also clear that families are having to use every trick in the book to make ends meet. 56% of respondents have stopped saving and 70% have simply not bought larger purchases in recent times. It’s no wonder that retail sales have slumped.
“These figures are corroborated by extremely worrying figures about household debt. Recent research has shown that six million people are currently behind in some of their bills and payments.
“The Government has got to take heed and stop squeezing growth out of the economy. The Tories are clinging to their false promise that making severe economic cuts will reduce the deficit. All the evidence suggests this will not work and is not working – and this is before the cuts really start to bite. What will it be like here in 12 months time.
“This year alone the Office of Budget Responsibility estimates Government will have to borrow an £46 million more than they had planned. A year ago the economy was starting to grow and borrowing came in at £21 billion lower than planned. It’s time for plan B. Residents here in Birmingham Selly Oak are paying a heavy price for George Osborne’s economic gamble.”