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PPI Claim: Incomes 'are worth less'

PPI refunds could help individuals in the UK boost their income to cope with the increasing cost of goods and services.

Inflation rates are now accelerating at three times the speed that people's incomes are growing, said Brendan Barber, the Trades Union Congress's general secretary.

He urged the government to change its policy on economic growth to aid job creation and increase incomes and blamed its current approach for contributing to the poverty that many UK households now find themselves in.

Incomes have been cut by the removal of tax credits and pensions in the private sector could be reduced almost 30 per cent over the next 30 years, stated Mr Barber.

The consumer price index of inflation reached a 5.2 per cent high in September 2011, while the retail prices index is now the highest it has been since 1991, as it currently stands at 5.6 per cent.

During the last 12 months, the Office for National Statistics found that food prices had increased by 6.4 per cent and the cost of housing bills rose by 8.6 per cent.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management. ADNFCR-2776-ID-800762570-ADNFCR

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