New pay figures highlight consumer plight, says Uswitch.com
The Patterns of Pay report published by the ONS today shows a rise in gross earnings of 1.5% from April 2011 to April 2012. Michael Ossei, personal finance expert at Uswitch.com**,** says: “Today’s news barely scratches the surface of the real struggle facing consumers this year. While it is encouraging to see the gender pay gap narrow, these figures do little to disguise the bare truth – that salaries are failing to keep up with inflation.
“This is a bleak time for consumers who are concerned about their jobs, their debts and their on-going ability to pay their bills. We are feeling the strain of food, energy and petrol prices at their highest ever levels. The reality is that consumers are being forced to cope with less money in their pockets. It will come as no surprise that three million are spending more than they earn and using debt to plug the gap.
“Lower than anticipated salary increases, above-target inflation and the threat of a triple dip recession can only mean that consumers are likely to continue their bumpy ride for the foreseeable future. People will be looking to the Chancellor to help ease the burden through his next budget.”
FOR MORE INFORMATION
Charlotte Nunes
Phone: 020 7148 4664
Email: charlotte.nunes@uswitch.com
Twitter: @uswitchPR
Notes to editors
Research carried out by EasyInsites for Uswitch.comin October 2012 amongst a nationally representative sample of 1,009 UK adults.
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