Child rearing costs UK families £148k

New research shows the cost of raising a child in Britain has hit £148,000 showing a 4-percent year-on-year increase.

The charity Child Poverty Action Group says a minimum £148,000 needs to be spent per family to bring a child up to the age of 18, which has risen by almost £6,000 over the last year.
The nationwide findings show the lack of support from the government to fund childcare has put greater pressure especially on lower income families.
Alison Garnham, chief executive of the Child Poverty Action Group, said “This research paints a stark picture of families being squeezed by rising prices and stagnant wages, yet receiving ever-diminishing support from the government over the course of the last year.”
She added “Child benefit and child tax credit have been cut at the very time families need them most.”
The British government’s stern policy on cutting housing benefits and expanding the list of the people required to pay council tax has put a further strain on their purchasing power.