UK Money News
15th February 2008
Rising prices leave 'vast majority' with financial struggles
The impact of rising inflation and higher energy bills has left far more Britons in financial straits than had previously been thought, it has been claimed.
Following double digit increases from energy providers and burgeoning food costs, Mervyn King, governor of the Bank of England, acknowledged that some consumers would be facing a lower standard of living in a speech this week.
However, according to a report from Kaupthing Edge, the problem of tightening household budgets is in fact so widespread that almost no households will be left unscathed, with 95 per cent already struggling.
Ashley Whittaker, head of retail savings at Kaupthing Edge, told the Daily Express: "With inflation now at 2.2 per cent, more and more of Britain’s hard-earned cash will go towards essentials such as utility bills and the weekly shop.
"While last week’s base rate cut may bring some welcome relief to Britain’s mortgage holders, our research clearly shows that the vast majority of Britons are still feeling the pinch."
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