Brits warned to expect riots this summer over UK's grim cost of living crisis
dailystar.co.ukwages and lower costs.The high cost of accommodation, including rents, mortgages and associated taxes and limited support for childcare also placed the UK low.The bank warned that these combined factors mean “the UK is failing” to provide an economy that supports “a healthy capitalist democracy in the medium to long term.”And the UK’s poor score “indicates a reduced capacity to facilitate social mobility and is a strong indicator of future socio-economic protest and instability”, the report said.Only Latvia performed worse than the UK and shares the bottom five with Spain, Greece and Lithuania.Countries ranked the best for wages and costs were Luxembourg, Norway, Sweden and Austria.However other larger economies, such as the US, Japan and Canada, also performed poorly.“Some factors are unavoidable,” said the bank’s head John Egan.To stay up to date with all the latest news, make sure you sign up to one of our newsletters here.“But others, such as the high cost of essential ingredients of living such as housing, could be fixed with the right set of policies.”In London, more than half of earnings are spent on housing on average compared with a quarter in Berlin.That “puts pressure on households and limits social mobility,” Mr Egan warned.However weaker economies, such as Italy, which ranked ninth, performed better largely due to its lower cost of housing.“Upward mobility is limited, almost exclusively, to those who own assets,” Mr Egan said.“New asset-owning classes have been created that see the wealthiest in society becoming richer whilst producing less real value in society. “The world has changed and so it’s vital that the ways we view and measure our economies change.” The research was based on data from the.
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