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UK families caught in funding squeeze

Families across the UK are today looking at a nightmare scenario with inflation running at 3.2% and wages under pressure with softness predicted in the employment market. Despite the fact that UK households have struggled to make ends meet for over two years now, since the credit crunch hit home, the situation could get much worse over the next 12 months. So what can we do?

The simple answer is to try and maintain a tight budget as far as possible although when you consider that many people are currently living on a shoestring it could be difficult to find additional savings. Even the relatively good news from the employment market yesterday was tempered by the fact that much of the increase in employment was as a result of more part-time jobs. Even the Bank of England is now beginning to turn negative on the UK economy and problems in America are adding to the situation.

Whether the ongoing attack on the UK benefits system, which could potentially save £5 billion a year from fraudulent claims, comes quickly enough for those struggling in the UK remains to be seen. We may have gone through a very difficult three years but potentially we could be on the verge of a very difficult decade.

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