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David Miles, the incoming member of the MPC, has this evening suggested that the worst of the UK recession may be over and house prices may have bottomed out. While there is some scepticism with...
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Tuesday 26th August 2008
News that the average UK family now has only £14,520 of disposable income per annum perfectly illustrates the increase in the cost of living in the UK. This is a fall of some 15% from the 2007 figure of £17,102 and there are suggestions that the current figure is set to fall further as the cost of living moves higher.
The disposable income figure is vital to fuel growth in the economy and the lower this is per family in the UK, the less money available to append on the high street and elsewhere in the economy. Lower sales means that competition will increase, prices fall and costs will need to be cut. This will see the unemployment number creep higher and further reduce the average disposable income available – something of a vicious circle.
A further look at the most recent figures shows that the fall of 15% over the last 12 months is the only year on year fall recorded since 1997. So has the UK economic boom really come to an end? Are we now back to a boom and bust scenario? In a word, yes....
We are now over one year into the credit crunch and there is still no sign of a recovery and little hope of a change in the short term. |
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