Sunday, 28 July 2013

Recovery what recovery

New research has found that almost 1.5 million more British families are under financial pressure than a year ago, despite signs of an economic boom.

The research commissioned by Which? concluded that one-third of households (34 percent) in the UK, equal to 9 million families, are now feeling financially squeezed, up from an estimated 7.5 million households last July.

The research also found that families are continuing to come under pressure from inflation, which surged to a 14-month high in June.

Which? said that rises to costs such as food prices and energy bills mean that people are relying more on credit to get by, with an estimated 6.1 million households dipping into their savings each month on average over the last year to get by.

Millions more households are facing a prolonged squeeze on their finances.

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