Reuters:

Families are facing a “cost of living” crisis which will persist for years to come, Labour leader Ed Miliband said on Monday.

Miliband said the expectation that the next generation would always do better than the last was now under threat at a time of rising inflation and growing wage inequality.

Looking at potential remedies, Miliband said that the banking system should be reformed to support business and a range of ownership structures should be considered when the state sells its stakes in high street banks.

The Labour leader accused the coalition government of making things worse for families with children by decisions such as pushing up VAT sales tax and changes to tax credits.

“The crunch will be felt first and worst by low and middle income families, particularly those with children,” Miliband said.

http://uk.reuters.com/article/2011/02/28/uk-britain-labour-idUKTRE71R3NK20110228