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Bank charges: UK households worse off in April

Households in the UK had to tighten their budgets even more this month, a survey revealed.

The Markit household finance index fell lower in April compared to its March results.

It said this was a result of increasing living costs against lowered income.

Author of the survey, Markit senior economist Tim Moore, said: “There has been little alleviation of the strain on households' financial wellbeing so far this year. Moreover, with incomes failing to keep pace with living costs, household finance constraints are likely to act as a further drag on consumer spending over the months ahead,"

On Thursday, official figures will show if the UK has fallen into a triple dip recession.

Inflation in the UK has risen to 2.8 per cent, which has constrained consumer spending considerably.

Experts predict this will rise above three per cent over the year.

The target rate for inflation is two per cent, yet the Bank of England says it will be some time before it reaches this.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801575083-ADNFCR



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