A perfect storm of financial woes loom for families across Yorkshire, it seems, as the latest cost of living forecast predicts that more than 40 per cent of households in the region simply cannot afford more economic hardship.

As Levelling Up Secretary Michael Gove yesterday revealed that the National Insurance (NI) increase will go ahead, despite speculation it would not, the New Economics Foundation think tank today reports that there is little time left for Chancellor Rishi Sunak “to avert the worst real-terms income squeeze in 50 years”.

Nearly half of all children will be living in families that have to make sacrifices on essentials this spring, like putting food on the table or replacing clothes and shoes, according to its analysis.

Soaring energy bills, stagnant wages, rising rent costs, a National Insurance hike: these are the sorts of headlines that should worry a Government ahead of its Spring Statement later this month.

Chancellor Rishi Sunak has been warned about the cost of living. Picture: Getty.

Imagine how concerning they are for the parents who are forced to decide whether it is breakfast or a new school uniform that takes priority.

There are things the Government can do.

After the rise in the energy price cap millions are to receive £350, says the Government, but that will not cover the damage for all.

And while Mr Gove yesterday said the NI increase was necessary to deal with the NHS and social care Covid backlog, when it comes to energy prices, for example, the Government can intervene in the industry to help.

Such measures are not ideal, particularly for a Conservative government in support of free enterprise, but the evidence has repeatedly shown that we cannot rely on the fluctuations of free markets alone.

When we are facing diminished quality of living standards not seen since the 1970s it is perhaps time to dispense with dogma and do what is needed to protect the country’s interests.

Cost of living perfect storm for Yorkshire families - The Yorkshire Post says