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Posted - 29 March 2007 : 10:53:22
Disposable cash figure recalls tough early '80s
The disposable income of British households grew at its slowest rate for a quarter of a century last year, showing that rising taxes and inflation were taking their toll on the pockets of many Britons.
Figures from the Office for National Statistics showed that household disposable income growth fell to 1.3% in 2006, from 2.5% the year before. This was the lowest rate of growth since 1982, when incomes shrank by 0.3%.
The data came alongside news that economic growth for the fourth quarter of last year was revised down to 0.7% from 0.8%. However, strong growth at the start of 2006 saw GDP growth for the full year of 2.8%, a marked rise from the 1.9% a year earlier.
Further details revealed a less healthy picture. Growth was driven in part by an increase in household consumption, which rose 1.9% last year, up from a 1.4% increase the year before. Households were saving less, just 3.7% of incomes, down 1.6%.
Household borrowing hit a record high of £27.2bn, compared with £17.3bn in 2005 as rapidly rising property prices pushed up the value of mortgages, which account for 85% of debt.
Source: The Guaradian.co.uk
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