There are around 14 million people in the UK (20% of the population) living in poverty. Many of these people pay more for a range of essential products and services. This is the Poverty Premium, the extra cost of being poor.
The extra costs of being poor cost the average low income household £490 a year, but for more than one in ten of these households it costs at least £780.
Fair by Design is a campaign and venture fund dedicated to reshaping essential services so they don’t cost more to low income consumers. The movement was conceived by the Joseph Rowntree Foundation (JRF) and Big Society Capital (BSC) working in partnership, and operates in collaboration with a range of partners to design out the Poverty Premium, and raise awareness amongst the public to bring about change. The venture fund provides capital to help grow new and scalable ventures to innovate the market.