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Risk of 'zombie' households rising

Tuesday May 8th 2012

British families run the risk of becoming 'zombie' households as the average cost of the recession reaches £30,000 per household, a report has claimed.

Pensioners and middle class families are said to be the worst victims of this punishing squeeze as their house prices and savings plummet.

Household wealth is now £787 billion lower than before the banking crisis which saw the country slip into the worst recession since the 1930s.

And according to the report by the National Institute of Economic and Social Research, it won't return to pre-crash levels until 2019.

The situation has been made worse for many homes by higher taxes which have had to be increased in an effort to improve Britain's ailing finances.

The £787 billion household cost of withstanding the recession is almost as much as the large sum of taxpayers' money used to bail out the banks.

Copyright Press Association 2012 (Mortgage Payment Protection Insurance)

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