UK household spending falls first time in 10 years

| November 30, 2010 | 0 Comments

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 £455 in 2009, down from £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 £58.40 per week.

Giles Horsfield, ONS statistician and editor of the report, said “expenditure fell again on clothing which took it to a record low” 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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