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Loan charges: UK living standards 'drop'

Eurostat figures showed this week that living standards in the UK have fallen from the fourth to sixth highest in Europe, and the Trades Union Congress (TUC) has said that families are feeling the pain.

TUC general secretary Brendan Barber explained that the news will not be a surprise to many ordinary families across the country who struggle to make ends meet during this tough economic climate, which leaves them struggling to pay loan charges.

"With wages failing to keep pace with rising prices, and many households soon to take an additional hit as tax credits and benefits are either frozen or taken away, people are understandably being careful with what little money they have and are reining in their spending," he said.

This is having a knock on impact on the high street, he added. With spending down, shops and businesses are suffering. People need to spend and businesses must invest for expansion to occur and the economy to grow again.

Mr Barber believes the government should focus on improving consumer and business confidence through placing jobs and growth at the top of the priority.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801506778-ADNFCR

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