Single parents to be ‘hit hard’ says Gingerbread report
According to research that was conducted by the Institute for Public Policy Research on behalf of Gingerbread, 65% of the UK’s 2 million single parents will be financially worse off.
It is estimated on average single parent households will lose £1,300 (or 7.6%) of their income by 2020/2021, due to tax, pay and welfare reforms announced earlier this year by the Government. And in the poorest fifth of single parent households on average £1,610 (or 13.4%) of their income will be lost by 2020/2021.
With tax credit changes set to be implemented in April 2016, one in four single parents will face an instant drop in their income and almost 50% of single parents relying on in-work tax credits will also lose out.