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Squeeze on cost of living will be worst since 1920s

Publié par Clifford Armion le 22/03/2011

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Sean O'Grady

"The typical British household's annual income is £365 a year, or 1.6 per cent, lower than it would have been without the recession - with the very wealthiest households down by £2,230, a 3.8 per cent shortfall for them.

"Research commissioned by the BBC from the Institute For Fiscal Studies also reveals that the poorest tenth of the population saw their real incomes fall by 2.1 per cent compared with where they might have been in more normal times, a drop of £182 a year.

"No group is better off, although some have, so far, seen some positive contribution to their incomes from changes to taxes and benefits, although those are still outweighed by the losses they have suffered in the rest of their incomes. These falls are classified as loss of employment and working hours; reduction in savings incomes as the Bank of England radically slashed interest rates; and a serious erosion in the purchasing power of wages and salaries as inflation has outstripped them, especially in the private sector."

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Pour citer cette ressource :

"Squeeze on cost of living will be worst since 1920s", La Clé des Langues [en ligne], Lyon, ENS de LYON/DGESCO (ISSN 2107-7029), mars 2011. Consulté le 25/05/2024. URL: https://cle.ens-lyon.fr/anglais/archives/archives-revue-de-presse/squeeze-on-cost-of-living-will-be-worst-since-1920s