Britons hit by £360 a year fall in income

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical Geniusmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Tags: NULL Britons hit by £360 a year fall in income whatsapp More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years HOUSEHOLD incomes have dropped by an average of £360 a year since 2008 — after accounting for inflation — the influential Institute for Fiscal Studies (IFS) revealed yesterday.This is the largest decline in living standards since 1980 to 1983, the IFS said. Usually household incomes rise above the level of inflation, by around five per cent every three years.Those on high incomes are being hit hardest, due to tax hikes. “Someone in the middle of the richest tenth in society in 2011 will be about £2,200 less well-off than someone in that position in 2008,” the report said.Overall, low interest on savings and sub-inflation wage growth are the main reasons behind the recent squeeze on living standards, it said.Inflation hit four per cent in January and is expected to have risen further in February. The latest figures on price pressures are released today.Inflation has become the leading concern for investors and the general public, according to research from the Association of Investment Companies (AIC) released yesterday.Escalating prices have become more of a concern to people than worries about job loss or rising interest rates, AIC’s survey showed.Today the Adam Smith Institute thinktank will accuse the government of cashing in on spiralling inflation through the tax system.Capital gains tax – which rose from 18 per cent to 28 per cent in last June’s budget – will claim an extra £1.6bn due to inflation, the institute argues. And rising prices have knocked the recovery in construction, according to the Federation of Master Builders. Nine out of ten surveyed building companies expect material prices to rise even further in the next six months. center_img whatsapp Monday 21 March 2011 8:18 pm Show Comments ▼ KCS-content Sharelast_img read more