Thousands of households in Milton Keynes will struggle to keep up with rent or mortgage payments over the next 12 months, say councillors

The research from MK Labour group comes ahead of a predicted 64% energy price cap hike in October.

It shows a staggering 75,762 households – 69% of the city’s 109,800 total - are being forced to make additional cutbacks on their household budgeting.

And 53,802 households (49%) are concerned about being able to keep up with rent or mortgage payments over the next 12 months

The figures, based on the latest Legal and General RBI survey, also show 14,274 MK households – more than one in ten – simply have nothing left to cut back in the face of future energy price hikes.

Nationally, Labour has committed to tackling the cost of living crisis with measures including a VAT cut on energy bills, reducing energy bills by insulating 19 million homes, cutting small business rates and buying, making and selling more in Britain

Councillor Rob Middleton, Labour’s Cabinet member for Resources at Milton Keynes Council, said: “These figures are frightening. The cost of living crisis is spiralling out of control, and families in MK are bearing the brunt.

“People need real help now, but the Conservative government is missing in action. Labour has a plan – we’d cut VAT on energy, insulate homes to bring down bills, slash small business rates and build an industrial strategy around buying, making, and selling more in Britain.”

“After twelve years of Conservative rule the country is in total crisis. We need action now – or better yet a change of government and an end to more than a decade of failure.”

The Legal & General RBI was established to measure the UK’s progress in levelling up on a quarterly basis, surveying people nationally to track social and economic progress.

Earlier this year MK Labour published figures revealing the “staggering hit” to wages facing local people by 2023, when the average earner will see their real wages fall by £1,197.63.

Not only will working people be hit with the biggest tax burden since the 1940s – but living standards look to plummet at the fastest rate seen since records began, say Labour.