Is it time to tighten your budget belt again?
Over the last few days it has become more and more apparent that many households in the UK are struggling to maintain current income levels. Aside from the fact that wage inflation is something of a rarity in the UK it is the fact that UK retail inflation continues to remain uncomfortably high which is also beginning to affect the relative spending power of UK households.
As a consequence it is highly likely that many households in the UK will again be forced to tighten their budget belts with the UK economy set for another turbulent period. Even though many families around the UK have literally stripped away all of their "optional spending" and cut their budgets to the bone there is still further work to be done. The problem now is that many families in the UK will find it difficult to find more cost savings without a fundamental change in their standard and their way of living.
When you also take into account the fact that the UK government is reducing benefit payments for some areas of the UK population there is most certainly a potential pincer movement around the corner. Even though instances of bankruptcy and other similar financial troubles have fallen of late it is likely we will see a significant spike upwards in the short to medium term.
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