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Unemployment hits spending power
Thursday August 2nd 2012
The amount of money people have to spend has dipped to its lowest point in nine years. according to figures released by the Office for National Statistics (ONS).
Real disposable income in the UK was found to have fallen by within the first quarter of this year compared bringing it to the lowest figure since 2003.
The study into the economic position of households found that real incomes per head dropped by 0.6 per cent compared to the previous quarter, with the average person earning just £4,444 in the first three months of this year.
The ONS said that the dip was "primarily due to prices going up at an increasing rate over most of the period" as high inflation increased the price of regular outgoings, such as energy bills and insurance.
High unemployment and the number of organisations making redundancies have also contributes to people's reduced spending power. Income Protection can help people with their financial outgoings if they unexpectedly face unemployment or sickness.
Copyright Press Association 2012
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