UK Money News
3rd July 2008
Higher bills leaving Britons significantly worse off
Britons are 15 per cent worse off than they were five years ago, with soaring energy bills revealed as a key contributory factor.
Accountants Ernst & Young calculate that after paying tax and monthly household bills, the average family is left with 20 per cent of their gross income.
In 2003, their disposable cash accounted for 28 per cent.
The firm cited a 110 per cent rise in gas and electricity tariffs in this time as one of the principal factors behind the increase, along with a 78 per cent increase in mortgage repayments.
Jason Gordon, director of retail at Ernst & Young, said: "Many UK consumer segments are clearly feeling the pinch as big rises in household costs are far outstripping relatively modest wage inflation.
"The significant decline in discretionary income means consumers are no longer in a position to spend as freely as they have done in the past."
As a result of higher prices, the average family's disposable income has shrunk from £909.84 to £772.79.
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