The Phaserl


Household income at its lowest for three years

Hard-pressed family left with £155 a week after bills and taxes

  • Household spending power slashed by £544 each week in food, utility, transport bills and taxes
  • Despite an improving economy, rising living costs are outstripping salaries

by Ruth Sunderland, Daily Mail:

Spending power is at a three-year low as rising unemployment and low wage growth pile the pressure on family finances, a report reveals.

The average spare income of hard-pressed households last month was £155 a week – £10 a week lower than three years ago.

The average home has a total income of £699 per week, but pays £117 in taxes and spends £427 on essentials such as housing, food, clothing, utility bills and transport.

Chancellor George Osborne will find little comfort in the findings as they suggest families may not be able to spend the economy out of trouble – or have enough free cash to absorb any increase in interest rates.

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