UK household spending falls first time in 10 years

| November 30, 2010

The Office For National Statistics (ONS) has today revealed the extent to which the recession has had on UK households after spending fell for the first time in a decade.

The data shows how households have been squeezed after spending was A?455 in 2009, down from A?471 in the previous year – the first fall within the last ten years.

The figures provide an indication of what families are giving priority to in their budgets with spending highest on transport – at A?58.40 per week.

Giles Horsfield, ONS statistician and editor of the report, said a�?expenditure fell again on clothing which took it to a record lowa�? for the third consecutive year.

He added: “Higher expenditure on some housing related costs such as rent, electricity and gas (was) offset by lower spending on mortgages.”

The report comes after a survey revealed consumer confidence in personal finances fell to an almost two-year low – as households become fearful of the forthcoming spending cuts.

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