Brits GBP200 pm Worse Off

Brits £200 pm Worse Off

According to research from Ernst and Young, UK consumers will have taken a 15 per cent hit on disposable income in the last five years due to the difficulties in the mortgage market.  The research shows increases in average family outgoings have seen discretionary cash fall from about £910 a month to £773.  It said mortgage payments have soared nearly 80 per cent in this period, while energy bills are up 110 per cent..

Director of retail for Ernst and Young, Jason Gordon said, “All consumers are painfully aware of the huge hikes in petrol and utility bills but we have also seen some fairly hefty price increases in pension contributions and debt repayments.  Given the current economic climate the retail sector has unsurprisingly suffered and the pattern of weak trading has been evident since the beginning of this year”.

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