Britons feeling 'less well off'
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."
Share this..
Related stories
US retail sales jump in March
After a very difficult start to 2010 it now appears as though the US economy is now on a much firmer footing with signs of an improvement in US retail sales. This comes at a time when many analysts and experts around the world have cast doubt on the perceived recovery in the US economy which is ultimately vital to any recovery in the worldwide economy. Retail sales in the US improved 1.6% betwe...
Read MoreWhen will liquidity return to the consumer market?
The recent revelation that around 60% of UK bank loan applications are currently being rejected is a reflection of the difficult economic environment and a tightening of loan criteria by the banking industry. This has come at a time when many people are in need of short-term financial assistance to see them through the back end of the recession only to find that even if they have an almost perfect...
Read MoreDid Gordon Brown's appearance on TV go down well?
Gordon Brown's appearance on the Piers Morgan show yesterday evening certainly cast the "iron Chancellor" in a very different light although his in-depth interview has attracted very different opinions from UK taxpayers, businesses and politicians. One issue which keeps coming to the fore is the fact that Gordon Brown has never mentioned his family in public although last night, under intense scru...
Read MoreUK unemployment hits 16 year high
UK unemployment hit 2.51 million in the three months to March 2010 which is the highest level since the last Conservative government in 1994. The Office for National Statistics rolled out these figures today just hours after the new government was asked to take office by the Queen. So what does this mean for the UK economy? While the headline unemployment figure in the UK is very disappointing...
Read MoreHousing repossessions reach 14 year high
The Council of Mortgage Lenders (CML) has today confirmed that 46,000 homes were repossessed in the UK in 2009 which is the highest for over 14 years. While the number is an increase of 6,000 on the 2008 figure it is less than the CML forecast of 48,000 and it would appear the situation is improving. So what can we expect for 2010? To give you some background on the repossession figures, the CM...
Read More