According to a new report by the New Economics Foundation (NEF), in the UK the cost of living crisis is about to skyrocket to among the worst in modern times, as the number of Britons living below the poverty line will grow dramatically.

According to the study, which was released on Monday, by the time the current Parliament ends in 2024, 30 million people will be living beneath what the public would consider a decent standard of living in Britain.

The report went on to say that 43% of households would lack the resources to buy new clothes, or put food on the table, as their abilities to support themselves are assailed by rising prices, below-inflation earnings increases, and increased unemployment.

By 2024, the report predicted that nearly 90% of single parents and half of the workers with children would be living below the minimum income standard. The research calculated that those who end up living below the level of a decent standard of living would be roughly £10,000 ($12,422) short of resources per year.

NEF economist Sam Tims wrote, “A decade of cuts, freezes, caps, and haphazard migration between systems left the UK with one of the weakest safety nets, both among developed countries globally, as well as in the UK’s history. Millions of families were already living in avoidable deprivation and hardship but … the day-to-day experience of low-income families is set to become even more desperate.”

Present figures show that 22% of British citizens are living below the poverty line right now, as they struggle to survive off less than 60% of the median household income.