A majority of UK households experienced an "income squeeze" in 2011, and the outlook for incomes in 2012 is "uncertain" as economic austerity measures take hold, Bank of England research finds.UK households' disposable incomes fell by £46 per month in 2011
The Bank of England survey finds that "most households had experienced an income squeeze, and credit conditions remained tight" over the year to September 2011.
Across all households surveyed, the average monthly 'available' income (defined as disposable income after tax, national insurance and housing costs)had fallen over the preceding year by £46 per month.
These are among the key findings of the ninth annual survey of "the factors affecting households' budgets and spending decisions," based on data from 1,985 UK households conducted for the Bank of England in September 2011 by NMG Consulting.
- For more on the Bank of England research and how it relates to the current UK economic outlook, head to XpertHR's Pay Intelligence blog to read XpertHR's February 2012 economic commentary.
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