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Bank charges: Lack of spending power highlights household pressures

British households are under pressure, as spending power in the UK remains stagnant, new research has revealed.

Lloyds TSB's December Spending Power Report found that Brits were no better off than at the same point in 2011, as pay failed to keep abreast of inflation, leaving people struggling to afford outgoings, such as bank charges.

Income grew by just 2.9 per cent. Yet, when translated to real terms it was a drop of 0.1 per cent thanks to spend on essential items going up by three per cent, rising from 2.7 per cent in November.

"Spending power has remained broadly flat in real terms for the last six months as inflation has remained uncomfortably high," said Patrick Foley, chief economist at Lloyds TSB.

"With little prospect of inflation falling back any time soon and income growth remaining anaemic, consumers are going to continue to feel the squeeze at the start of 2013."

He is more optimistic looking to the future, suggesting that the economy will gain some momentum, leading to improving incomes and slightly more breathing space for household budgets.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801526657-ADNFCR

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