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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Uma Rajagopal

    Posted on June 28, 2023

    Featured image for article about Top Stories

    One in seven Britons faced hunger in 2022, says food bank charity

    By James Davey

    LONDON (Reuters) – One in seven people in the United Kingdom faced hunger last year because they did not have enough money, according to a report published on Wednesday by food bank charity the Trussell Trust.

    It said this equates to 11.3 million people, more than double the population of Scotland, and blamed a dysfunctional social security system, as well as a cost of living crisis that is showing little sign of easing.

    Britain is the world’s sixth-biggest economy but its citizens have been pressured for more than a year by high inflation which has outstripped pay growth for almost all workers.

    Government forecasters estimate UK households are in the midst of the biggest two-year squeeze in living standards since comparable records started in the 1950s.

    The Trussell Trust’s network of 1,300 food bank centres across the UK provided a record 3 million food parcels in the year to March, up 37% and more than double the amount provided five years ago.

    “This consistent upward trajectory exposes that it is weaknesses in the social security system that are driving food bank need, rather than just the pandemic or cost of living crisis,” it said.

    The charity said that 7% of the UK population was supported by charitable food support, including food banks, yet 71% of people facing hunger had not yet accessed any form of charitable food support.

    It also noted that one in five people forced to turn to food banks in its network are in a working household and called on the UK government to ensure the benefits system covers essential costs.

    “We know people are struggling, which is why we’re providing record financial support worth an average 3,300 pounds ($4,206) per household,” said a spokesperson for the Department for Work and Pensions in response to the report.

    The government has also raised benefits and the state pension in line with inflation, increased the minimum wage and supported families with food, energy and other essential costs, said the spokesperson.

    Prime Minister Rishi Sunak’s key economic pledge to halve overall inflation in 2023 before a probable 2024 election has been undermined by persistently high food inflation, outpacing the broader inflation rate across the whole economy and adding strain to household budgets already stretched by higher taxes and mortgage rates.

    Food and drink inflation was running at 18.3% in May according to the most recent official data, and 14.6% in June according to the most recent industry data.

    On Tuesday, British supermarket executives rejected allegations they were profiteering at the expense of consumers through the cost of living crisis.

    Soaring food prices have contributed to the biggest squeeze on living standards in Britain since records began in the 1950s, and prompted questions about who is responsible. Trade unions and politicians have accused the supermarkets of “greedflation”, saying they’ve been too slow in passing on lower producer prices to consumers.

    ($1 = 0.7846 pounds)

    (Reporting by James Davey; Editing by Aurora Ellis)

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