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UK public left £40,000 worse off on average

A report by consultants PricewaterhouseCoopers has brought to light an alarming situation as regards the UK economy. The company has calculated that the credit crunch and ongoing economic slowdown has so far cost the UK economy in the region of £1.9 trillion, which is a direct cost to the UK taxpayer and UK households across the country. The figures are alarming and translate into a cost of around £40,000 for each adult in the UK with the situation likely to get worse before it gets better.

The breakdown shows that a 20% fall in the value of properties throughout the UK has led to a loss of £800 billion while a fall in UK stock market has been put at around £1.1 trillion. Therefore the average adult in the UK has seen their wealth fall by around 20% or as we suggested above, £40,000 per person. This is before we even take into account the massive sums of money which the UK authorities have used to prop up the UK banking system and other industries.

At a time when money has never been tighter it seems that UK taxpayers are being squeezed from both sides and it has never been more vital than today to ensure that you take the best financial advice and monitor your investments and assets on a regular basis.

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