Fifth of UK households experience fall in income, says Deloitte
Study also shows that 53 per cent of Brits are pessimistic about their income outlook
Fifth of UK households experience fall in income, says Deloitte”
Around one in five UK households have experienced a reduction in income during the last quarter, according to new research.
Professional services firm Deloitte has published a report which shows that a fifth of British households are now worse off than three months ago due to unemployment, loss of bonuses, reductions in overtime and increased part-time working.
The study also shows that many UK consumers are fearful for their financial future, with 53 per cent of respondents pessimistic about their income outlook and 23 per cent negative about their job security.
Ian Stewart, chief economist at Deloitte, claimed that high levels of inflation have severely hampered consumer spending power.
He said: "Inflation should fall sharply in 2012, bringing some relief to hard pressed consumers. But with unemployment heading up, credit in short supply and the economy in a fragile state we would expect household spending to increase only modestly in 2012."
Posted by Jack Ramsey
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