Stagnant incomes leave families ‘brutally exposed’ to soaring prices - News Summed Up

Stagnant incomes leave families ‘brutally exposed’ to soaring prices


Since 2007 the average income of working-age families has grown by 0.7 per cent a yearMany families do not have the cash reserves to cope with the rapidly rising cost of living because income growth levels were so poor in the years running up to the pandemic, according to a report by a think tank. In the past 15 years, the average income of working age families grew by only 0.7 per cent a year. Yet looking at previous decades, between 1961 and 2005, typical household incomes grew by 2.3 per cent per year on average, or 25 per cent in every decade, the Resolution Foundation report found. SponsoredAccording to the latest figures, UK prices are rising by their highest rate for 40 years, 9.1 per cent a year. The Bank of England has warned that inflation might reach 11


Source: The Times July 04, 2022 19:44 UTC



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