Average living standards for all UK families could decline by £1,400 annually by 2030, according to analysis from the Joseph Rowntree Foundation. Families with the lowest incomes may see a £900 reduction in their yearly disposable income. Alfie Stirling of the JRF emphasized that further cuts are not the solution and proposed raising taxes for the wealthiest to enhance living standards. Chancellor Rachel Reeves noted that achieving higher living standards cannot be accomplished solely through taxing and spending, especially in light of a £20 billion public finance gap.