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Monday 7th July 2008
Mortgage repayments have hit £735 a month in the UK - 78 per cent higher than they were in 2003.
New research, released today by accountancy firm Ernst & Young, also shows that gas and electricity bills have increased by 110 per cent over the past five years, with petrol prices also up by 29 per cent.
A combination of the credit crunch and high wholesale energy costs, along with a general inflationary trend, have caused these sharp rises, it is understood.
Ernst & Young also said that the average amount left over for each household each month after taxes, bills and other essential costs have been paid stands at 20 per cent - down from 28 per cent in 2003.
This means, the firm claims, that Britons feel 15 per cent less well off than they did previously.
Jason Gordon at Ernst & Young commented: "Many UK consumer segments are clearly feeling the pinch as big rises in household costs are far outstripping relatively modest wage inflation."
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