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ONE FIFTH OF BRITISH FIND IT HARD TO AFFORDABLE ESSENTIALS

ONE FIFTH OF BRITISH FIND IT HARD TO AFFORDABLE ESSENTIALS (News (General))

by administrator @, Thursday, April 26, 2012, 08:44

Nearly 20% of British people are finding it increasingly hard to afford essentials such as food and energy bills, according to new research.

The survey carried out for independent think tank, Resolution Foundation, shows that with the recovery remaining highly fragile and new cuts to tax credits starting to bite, the number of those expecting their financial situation to get worse in the next year has risen to more than one in four (27%).

The results of the poll, carried out by Ipsos MORI, suggest household spending - which makes up two thirds of GDP - will remain under great pressure, and chimes with the recent unexpected upward tick in inflation, driven by increases in the costs of food and clothing, and fall in earnings growth.

The poll also finds that people are more pessimistic about their financial situation than six months ago - the proportion of adults expecting things to get worse has risen to 27%, up from less than one in six (15%) in October 2011, and 23% in January 2012.

Nearly a third (32%) of adults in the very poorest households are struggling to afford essentials, compared to 18% of those on low to middle incomes and 6% of higher income households. Around a third of those on below average incomes expect their financial situation to worsen, compared to 16% of people living in high income households.

Gavin Kelly, Chief Executive of the Foundation said: "This news is especially worrying as it suggests consumers are still under great strain as inflation remains stubbornly high and earnings growth is on the floor.

"Many low to middle income households are already struggling just to stay afloat and will see yet another fall in their real wages this year alongside big cuts to tax credits."

www.resolutionfoundation.org


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