10 March 2008
On average, pay rises in the UK are lower than increases in bills, uSwitch.com has claimed this week.
While living costs are set to increase by 9%, the average salary will go up by 3.4%, the firm noted, and 13 million individuals will not get a pay rise at all.
And shopping bills will rise by £324 in 2008, it said, helped by a hike in prices for products such as wheat, something that could impact on those with personal loans.
Director of Consumer Policy at uSwitch.com Ann Robinson suggested that consumers will have to battle through these seemingly tough times.
"This is a bleak time for consumers who are concerned about their jobs, their homes and their ongoing ability to manage their debts. Not only are the days of easy credit numbered, but we are also feeling the strain of food and petrol prices rising," she commented.
Liberal Democrat MP for Romsey, Sandra Gidley, last week said that a new personal debt bill may give sufficient help to those who need it.
© 2008 Adfero Ltd
Content for the uSwitch.com market news service is provided by a third party, Adfero Ltd. Whilst uSwitch.com makes reasonable efforts to check the reliability of this content, uSwitch.com does not guarantee the accuracy thereof or endorse the views or opinions given by Adfero Ltd, unless expressly stated otherwise.