Family Spending Power Falls by £350
The world economy is currently facing a rather hard time. This is leading to a very negative effect on the spending power of individual and families and the UK is no different.
Jobs these days are being lost at an alarming rate and no sector has been spared. From civil service jobs, manufacturing, to care jobs everyone is being affected. Inflation rate is on the increase and this combination had led to a number of disturbing challenges all over the world.
Recent statistical information has shown that family spending power has fallen by £350.
The causes
One of the factors responsible is inflation. Because of the high inflation being experienced prices of goods and services have increased and to that end families are spending less. Also the Pound has lost some of its value which means what £1 could purchase a years ago the same pound won’t be able to purchase it this years.
Loss of jobs too can have its own impact on the family spending power. If there is no job, the spending power will reduce. Basically an advanced situation of joblessness leads to considerably high increase in the rate of family spending reduction.
It is true that there may be increase in earning. But if the conditions of employment are still the same, it becomes rather difficult to notice any positive change in the family earning and spending power. What many families that are earning more are doing is saving whatever extra funds they may have for a rainy day.
Similar Posts:
Tories Stories : Well we all wanted this glorious, amazingly…
Truth Hurts : And while many people tend to believe that N…
Tips for buying cheap flights : …
The Country of Technology : For one thing I would say that…
Comments are closed!