Poorest families left £600 a year worse off by ‘regressive’ Budget, economists warn
1 month, 2 weeks ago

Poorest families left £600 a year worse off by ‘regressive’ Budget, economists warn

The Telegraph  

Stephen Millard, the deputy director for macroeconomic modelling and forecasting at Niesr, said: “The rise in the employer rate of National Insurance contributions will act to reduce job creation over the coming years, which will lead to greater unemployment.” Fresh financial pressures have emerged as households are still reeling from the cost of living crisis – when inflationary pressures disproportionately affected low-income families. Across the poorest 40pc of households in the UK, the return to pre-cost of living crisis living standards will take a whole year longer, with disposable incomes not rising to this level until 2026-27. The poorest 10pc of households are still around £2,500 worse off in real terms this year compared to 2021-22, equivalent to a 20pc drop in disposable income. The Budget protects working people - they will not see higher taxes on their payslips nor at the fuel pump, the National Living Wage has risen to £12.21 and the effective personal tax rate for the average worker is at an historic low.

Household Rate Niesr  600  niesr  disposable  households  household  warn  rate  personal  economists  rise  families  budget  regressive  poorest  worse  real  living  left

History of this topic

What the Budget means for different ages: From renters and families to the retired
1 month, 3 weeks ago

What the Budget means for different ages: From renters and families to the retired

Daily Mail  

Rachel Reeves's £40 billion tax bonanza will affect the financial wellbeing of millions of households for years to come. Smash-and-grab: Rachel Reeves's £40 billion tax bonanza will affect the financial wellbeing of millions of households for years to come Young workers, renting and first-time buyers First-time buyers could face paying thousands more in stamp duty after Rachel Reeves lowered key …

Budget 2024: The chart that reveals the Budget’s real winners – and who will be hit hardest
1 month, 3 weeks ago

Budget 2024: The chart that reveals the Budget’s real winners – and who will be hit hardest

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. open image in gallery According to the Office for …

The charts that show why Reeves has condemned Britain to a low-growth future
1 month, 3 weeks ago

The charts that show why Reeves has condemned Britain to a low-growth future

The Telegraph  

Ms Reeves’s decision to ramp up employers’ National Insurance will not help, as it imposes costs on businesses – which will be less likely to hire workers as a result – and on staff, who can expect smaller wage increases as a result of the policy. The OBR said higher pay growth in the near term would be followed by …

House prices likely to rise more slowly than household incomes, says Zoopla
5 months, 3 weeks ago

House prices likely to rise more slowly than household incomes, says Zoopla

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “We expect house price inflation to remain muted, likely …

UK homes have worst value for money in developed world: Study
8 months, 4 weeks ago

UK homes have worst value for money in developed world: Study

New Indian Express  

LONDON: Britain's housing stock offers the poorest value for money among advanced nations, according to a study published Monday warning that the crisis-hit sector will loom large over this year's election. Homes in Britain have less floorspace per person than many other developed economies, trailing France, Germany, Japan, the United States and Taiwan. The think-tank found that homes were located …

Decoding consumption: On the Household Consumption Expenditure Survey
9 months, 3 weeks ago

Decoding consumption: On the Household Consumption Expenditure Survey

The Hindu  

In an uncharacteristic late Saturday release, the Statistics Ministry unveiled the broad findings of the Household Consumption Expenditure Survey done between August 2022 and July 2023. This is significant as it is the first major survey-based data released since 2011-12 that captures ground realities at the household level — especially with the once-a-decade Census, due since 2021, nowhere in sight. …

More than three million households in fuel poverty in 2023, figures show
10 months, 1 week ago

More than three million households in fuel poverty in 2023, figures show

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The figure would have been more than 3.5 million …

Britain suffers longest hit to living standards since records began
10 months, 1 week ago

Britain suffers longest hit to living standards since records began

The Telegraph  

The data also showed the economy barely grew in 2023, expanding by just 0.1pc across the whole year. James Smith, research director at the Resolution Foundation, said: “The big picture is that Britain remains a stagnation nation, and that there are precious few signs of a recovery that will get the economy out of it.” Weaker growth suggests the Bank …

1m more people living in poverty in UK as scale of crisis laid bare
11 months ago

1m more people living in poverty in UK as scale of crisis laid bare

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. In a situation described as “social failure at scale”, 6 …

Average home costs 8.4 times typical income in England, says ONS
1 year, 4 months ago

Average home costs 8.4 times typical income in England, says ONS

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. In Wales, …

More mortgage pain to come as some to pay £200 more a month, experts warn
1 year, 7 months ago

More mortgage pain to come as some to pay £200 more a month, experts warn

The Independent  

There is more mortgage pain to come for the UK’s homeowners, many of whom are yet to feel the full impact of rising interest rates, according to a think tank. The trend towards homeowners taking out longer fixed-rate mortgages has delayed the impact on some households, with two-thirds of the eventual £12 billion increase in annual mortgage costs still to …

UK cost of living crisis: Brits to remain poor for a long time, says NIESR report
1 year, 10 months ago

UK cost of living crisis: Brits to remain poor for a long time, says NIESR report

Firstpost  

The crisis, the new study says, will leave one in every four UK households unable to pay their food and electricity bill when the government withdraws the subsidies in April this year New Delhi: The United Kingdom’s cost of living crisis will end up denting the standard of living in the country permanently, a new report by UK’s National Institute …

60% households expect decline in income, seek relief in budget: Survey
1 year, 10 months ago

60% households expect decline in income, seek relief in budget: Survey

Hindustan Times  

More than half of households in a survey conducted online across 309 districts expect a decline in their income by up to 25 per cent and dip in savings, and are looking for relief in the coming budget, online platform LocalCircles said on Sunday. Read here: Budget 2023: Delhi traders write to FM Sitharaman, seek relief for middle class In …

Financial situation of many households will be better than last year, but uncertainty remains
1 year, 11 months ago

Financial situation of many households will be better than last year, but uncertainty remains

NL Times  

The financial situation of many households will look better this year than in 2022, with the National Institute for Household Information reporting that the purchasing power of some households has increased by more than 8 percent. "All these measures provide a financial breathing space that most people desperately need, because in 2022 everyone had to save heavily and prices in …

How cheap money broke the contract between young and old
2 years, 1 month ago

How cheap money broke the contract between young and old

The Telegraph  

For many those who came of age during the Eighties, it was a time of upward mobility. People who bought a house during the decade have reaped the benefits of an upward march in property prices since then, after Thatcher's tax and regulation cuts triggered an economic boom. The think-tank says rising asset prices and a "long-term stagnation in earnings" …

Mortgage: Homeowners suffer £200 rise as average for two-year fixed-rate deal nears 10-year high
2 years, 4 months ago

Mortgage: Homeowners suffer £200 rise as average for two-year fixed-rate deal nears 10-year high

Daily Mail  

Homeowners have suffered a £200-a-month rise in mortgage repayments as the average rate for a two-year fixed-rate deal hit 4.09% - a near 10-year high. Homeowners have suffered a £200-a-month rise in mortgage repayments as the average rate for a two-year fixed-rate deal hit 4.09% - a near 10-year high, according to the Telegraph Mark Harris, of the broker SPF …

UK faces long recession and deepest plunge in living standards on record, Bank of England warns
2 years, 4 months ago

UK faces long recession and deepest plunge in living standards on record, Bank of England warns

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. In one of its bleakest ever assessments of UK …

Soaring inflation sees household incomes fall for record four quarters in a row
2 years, 5 months ago

Soaring inflation sees household incomes fall for record four quarters in a row

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Household finances failed to keep …

Millions falling behind on bill payments as cost of living crisis mounts
2 years, 5 months ago

Millions falling behind on bill payments as cost of living crisis mounts

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. The Joseph Rowntree Foundation, whose work aims to solve poverty, warned this group was …

Household saving to fall by 71% to a weekly average of £26 as living costs soar
2 years, 8 months ago

Household saving to fall by 71% to a weekly average of £26 as living costs soar

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Household saving is expected to …

UK set for severe drop in living standards, as inflation curbs growth
2 years, 9 months ago

UK set for severe drop in living standards, as inflation curbs growth

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Brits are set for the …

Budget 2022: Cut in home loan interest rate, infra upgrades may make PM’s housing for all a reality
2 years, 11 months ago

Budget 2022: Cut in home loan interest rate, infra upgrades may make PM’s housing for all a reality

Firstpost  

Union Budget 2022-23: Among the direct benefits, Budget 2022 might bring a potential relief to direct home buyers with an increased limit of home loan interest deduction for tax rebate from Rs 2 lakh to Rs 5 lakh As the Union Budget is around the corner, the anticipations from across the industries are on a rise. Building on this, the …

Pay rises failing to keep up with the cost of living, ONS figures show
2 years, 11 months ago

Pay rises failing to keep up with the cost of living, ONS figures show

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Average pay rises are failing to keep up with the …

Households will have average of €40 a month less to spend in 2022
2 years, 11 months ago

Households will have average of €40 a month less to spend in 2022

Dutch News  

Households will have an average of €40 less to spend a month this year, national budget institute Nibud has calculated. ‘It will be noticeable not so much on people’s payslips but at the supermarket, the petrol pump and on their energy bill.’ Household bills could increase by between €10 and over €100 a month, the agency’s calculations show, depending on …

Households will have average of €40 a month less to spend in 2022
2 years, 11 months ago

Households will have average of €40 a month less to spend in 2022

Dutch News  

Households will have an average of €40 less to spend a month this year, national budget institute Nibud has calculated. ‘It will be noticeable not so much on people’s payslips but at the supermarket, the petrol pump and on their energy bill.’ Household bills could increase by between €10 and over €100 a month, the agency’s calculations show, depending on …

Fewer families are living below the poverty line, despite coronavirus
3 years ago

Fewer families are living below the poverty line, despite coronavirus

Dutch News  

The percentage of households in the Netherlands living below the ‘low income level’ fell to 6.8% last year, compared with 7.5% in 2019, broadcaster NOS reported, citing figures from national statistics office CBS. In particular, the support package put together by the government for people and companies hit by the coronavirus crisis had helped shrink the risk of living in …

Fewer families are living below the poverty line, despite coronavirus
3 years ago

Fewer families are living below the poverty line, despite coronavirus

Dutch News  

The percentage of households in the Netherlands living below the ‘low income level’ fell to 6.8% last year, compared with 7.5% in 2019, broadcaster NOS reported, citing figures from national statistics office CBS. In particular, the support package put together by the government for people and companies hit by the coronavirus crisis had helped shrink the risk of living in …

Living standards to fall for many after decade of austerity knocks 40% off wages
3 years, 1 month ago

Living standards to fall for many after decade of austerity knocks 40% off wages

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Living standards for …

Cost of living crisis triggers recession fears
3 years, 2 months ago

Cost of living crisis triggers recession fears

The Telegraph  

After the biggest drop in output for a century, the UK seemed to be on track for a much-needed economic rebound. Firms face lingering supply chain bottlenecks, prices are rising and tax hikes are set to kick in next year: Britain’s economy is increasingly vulnerable to further shocks. “This combination of fighting inflation at a time of high energy prices, …

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