Tag: households

IFS warns of tough times for UK households

IFS warns of tough times for UK households

A report by the Institute for Fiscal Studies (IFS) has warned that households will be squeezed for the next decade as they suffer from the harsh spending cuts introduced by the Government. It said households are suffering one of the worst attacks on their finances since the Second World War and that the impact of [...]

September 12, 2011 | 0 Comments More
BRC: UK retail sales weak in August

BRC: UK retail sales weak in August

The British Retail Consortium (BRC) has today reported weak retail sales for August. According to the BRC, like-for-like sales (which exclude the impact of sales at new stores) fell 0.6% last month on an annual basis. Overall sales rose 1.5%, however, this was much lower than the 2.8% rise noted in August 2010. Commenting, Stephen [...]

September 6, 2011 | 0 Comments More
SVR mortgage holders will suffer when interest rates rise

SVR mortgage holders will suffer when interest rates rise

Consumer group Which? has warned homeowners with SVR mortgages that they will be financially squeezed once interest rates are lifted. A Standard Variable Rate (SVR) is a mortgage in which the rate of interest is varied from time to time by the lender but it is usually set at about 2% above the Bank of [...]

June 22, 2011 | 0 Comments More
Vince Cable: Economy in bad shape

Vince Cable: Economy in bad shape

Vince Cable has spoken of how bad the British economy has been hit after the global financial crisis. According to the Business Secretary, the crisis and the recession has meant the country is poorer and it has been a “challenge” for the Government to explain what a bad state the economy is in. Speaking to [...]

May 22, 2011 | 0 Comments More
British households continue to be financially squeezed

British households continue to be financially squeezed

Influential think tank, the Centre for Economics and Business Research (CEBR), has said higher inflation and low pay rises means British households face their biggest squeeze since 1921. The report suggests a typical British family will have £910 less to spend this year than they did in 2009 due to higher food and energy prices [...]

April 11, 2011 | 0 Comments More
Survey reveals take-home pay down £1,000

Survey reveals take-home pay down £1,000

According to a survey commissioned by BBC One’s Panorama programme, employees are £1,088 a year worse off than they were two years ago as take-home pay fails to keep in line with inflation. At the start of this year, the typical British worker earned £20,149 - a drop of 5% from what they were earning [...]

March 28, 2011 | 0 Comments More
Report reveals financial hardship for families

Report reveals financial hardship for families

A report by the Consumer Credit Counselling Service (CCCS) has revealed that many families could be pushed into debt in the coming months. In its 2010 Statistical Yearbook, the charity said higher rate tax thresholds, lower tax credits and higher interest rates could result in thousands of families facing severe debt problems. Families with three [...]

March 16, 2011 | 0 Comments More
David Cameron rules out major tax cuts

David Cameron rules out major tax cuts

Prime Minister David Cameron has said the Government will not introduce major tax cuts but insisted he remains a “tax-cutting Tory”. His comments come just a few days after Deputy Prime Minister, Nick Clegg, claimed that millions of middle-class families who are set to become higher rate taxpayers from April will “barely notice” the difference. [...]

February 7, 2011 | 1 Comment More
Government to slash funding for debt advice charities

Government to slash funding for debt advice charities

The Government’s massive spending cuts, which were introduced to trim the spiralling budget deficit, is to lead to a cut in funding for debt advisers. The news comes as debt advice charities are at their busiest as households are squeezed by unemployment, tax hikes and rising inflation. As a result, many debt advisers believe that [...]

February 1, 2011 | 0 Comments More
Survey reveals households’ pessimism over finances

Survey reveals households’ pessimism over finances

The Markit Household Finance Index has revealed that households are at their most pessimistic about their finances since April 2009. According to Markit, households are concerned about rising inflation and the survey suggests a gloomy outlook as finances are expected to deteriorate over the next 12 months. The index fell to 36.1 points in January, [...]

January 24, 2011 | 0 Comments More
More than 2m using plastic to pay mortgage/rent

More than 2m using plastic to pay mortgage/rent

A report from the homeless charity, Shelter, has revealed that in the last year, 2.6 million Britons have paid their mortgage or rent on their credit card. The figure represents a rise of 50% on the previous year and reveals the extraordinary lengths some are going to in order to keep a roof over their [...]

January 6, 2011 | 0 Comments More
High Street facing bleak Christmas

High Street facing bleak Christmas

According to the latest Markit Economics survey, the UK looks set to be in for a bleak Christmas as households are squeezed amid higher consumer prices. The survey revealed that consumers’ enthusiasm for buying “big-ticket” items has slumped to its lowest level since February 2009. The research comes despite optimism that consumers would opt to [...]

November 22, 2010 | 0 Comments More
Think tank: Double dip unlikely but tough times ahead

Think tank: Double dip unlikely but tough times ahead

Respected economic forecaster, the Ernst & Young Item Club, has today warned of a gloomy outlook for consumers but a double-dip recession is unlikely. The think tank said economic growth will be hampered due to massive spending cuts - introduced by the Government to tackle the budget deficit. The Ernst & Young Item Club is [...]

October 18, 2010 | 0 Comments More
Retail sales growth slows in September

Retail sales growth slows in September

There is worrying news for the economy today after the British Retail Consortium (BRC) said retail sales growth eased in September. The BRC said consumers are holding off purchasing big-ticket items as they prepare themselves for massive spending cuts, introduced by the Government to slash the budget deficit. Many reports have suggested economic growth will [...]

October 12, 2010 | 0 Comments More
UK has high number of “workless” households

UK has high number of “workless” households

A study by the Centre for Policy Studies (CPS) has found that Britain has the highest rate of “workless” households of all major EU countries. A jobless households means those without any adults in employment. According to the Centre, one in eight British adults lives in a workless household, and the study established that a [...]

October 11, 2010 | 0 Comments More
Detached homes put on £91 a day

Detached homes put on £91 a day

The average price of a detached family home has risen by more than any other property type over the past year. According to new research from Halifax, owners of detached properties saw the value of their homes increase by £91 a day over the year to the end of June, with a 13% leap taking [...]

September 2, 2010 | 1 Comment More
Survey reveals household finances are squeezed

Survey reveals household finances are squeezed

A survey of 2,000 households, conducted by market researchers Markit and YouGov, has revealed confidence has been knocked and households are under pressure financially. The reason for the fall in confidence comes as households are fearful of losing their jobs as the coalition Government embarks on massive spending cuts and tax hikes. Approximately 600,000 public [...]

August 23, 2010 | 0 Comments More
Credit card write-offs continue to rise

Credit card write-offs continue to rise

Figures from the Bank of England today have revealed credit card write-offs continue to rise. During the first three months of 2010, write-offs rose to £1.25 billion - the second highest quarterly amount on record. The situation has deteriorated in the recession as thousands of people have been unable to afford their repayments, due to [...]

June 25, 2010 | 0 Comments More
Retail sales up in April

Retail sales up in April

The Office for National Statistics (ONS) has today revealed a slight rise in retail sales for the month of April - boosted by stronger clothing and department store sales. According to the ONS, sales volumes including fuel grew 0.3% in April - slightly beating analysts’ forecasts of a 0.2% rise and follows a revised increase [...]

May 20, 2010 | 0 Comments More
UK workless households soars to 12-year high

UK workless households soars to 12-year high

Figures from the Office for National Statistics (ONS) have revealed that the number of jobless households in the UK has soared to its worst level since 1997. The household rate surged from 1.1% to 16.9% - the highest since 1999 and the largest year-on-year increase since 1997. A workless household is defined as a home [...]

August 26, 2009 | 0 Comments More