Bridget Phillipson Labour Member of Parliament for Houghton and Sunderland South
More than one in three Brits have no savings to fall back on as financial disaster looms.
Labour analysis shows 20 million adults cannot afford to put money away – three million more than when the Tories came to power in 2010.
That means they have nothing to cushion them against job losses which could hit four million by next year.
It comes as separate data from consumer watchdog Which? shows that low-income families have already been hardest hit by the lockdown.
Shadow Treasury Secretary Bridget Phillipson is now calling on Chancellor Rishi Sunak to help stop families plunging into poverty.
She said: “Huge growth in insecure work and a 12-year wage squeeze has left millions with neither a penny of savings.
“This pandemic exposed just how fragile household finances are. A social security system that takes weeks to kick in doesn’t help.”
Bridget’s article was originally published in the Sunday Mirror.