New analysis from Swindon Labour, based on research from the Resolution Foundation, has revealed the impact of the cost of living crisis to the local economy.
The Swindon Labour Party say families are set to be £2,100 worse off at the end of two years of soaring inflation and falling wages – a period the independent think tank believes the country is only half-way through.
The Party believes that fall will mean a £201,390,000 hit to the town of Swindon, as a whole.
According to Swindon Labour's research there are 95,900 households in Swindon. Therefore the Party says it has worked out the total impact on Swindon over the two years with the calculation - 95,900 x 2,100 = £201,390,000.00.
Publishing the analysis, Swindon Labour’s Emma Bushell issued the following statement:
“The cost of living crisis isn’t just hammering families in Swindon, it’s taking over £200million out of the local economy. That’s money that could be powering local businesses and creating jobs.
“After the Tories crashed the economy, families and business in Swindon need a real plan to help get them through. Swindon deserves better than the failing Conservative Government delivering the highest taxes in seventy years and a public sector on its knees as it lurches from crisis to crisis.
“But Labour has a plan. We’d end the sticking plaster politics, and bring about the long-term change this country needs. That means a Green Prosperity Plan to create good sustainable jobs by investing in areas like ours, it means real reform to get people back into work, and it means transferring power out of Westminster so communities like Swindon can take decisions for ourselves.”