New analysis from Ipswich Labour, based on research from the Resolution Foundation, reveals the staggering impact of the Conservative cost of living crisis on the local economy.

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 we are only half-way through. That fall will mean a staggering £125 million hit to Ipswich as a whole.

Publishing the analysis, Jack Abbott, Labour’s prospective parliamentary candidate for Ipswich, said:

“The cost of living crisis isn’t just hammering families in Ipswich, it’s taking millions 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 businesses in Ipswich need a real plan to help get them through, but all they get from the Conservatives are the highest taxes in seventy years and a public sector on its knees.

“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 truly transferring power out of Westminster so we can make decisions for ourselves.”