Lloyds TSB has revealed that one in ten British households are struggling to make ends meet as costs in the UK continue to escalate.
A recent survey conducted by the bank has discovered that almost half of the respondents are feeling a serious pinch on their finances, and that UK thoughts are clouded by a “prevailing sense of negativity.”
Lloyds TSB interviewed 2000 of their current account customers and has disclosed that incomes seem to be falling while costs for everyday items are rising, leading to a constricting of household finances.
Worryingly for UK citizens, this does not look it’s going to abate anytime soon, as Lloyds TSB’s chief economist, Patrick Foley, explains: “It is clear that over the last few months initial signs of an improvement in spending power have stalled. Whilst the squeeze on consumers is not as intense as earlier in the year, flat spending power after inflation is still uncommonly weak and explains the high degree of consumer pessimism. With further energy price increases still to hit, and little sign of any near-term improvement in economic growth and employment, income growth and spending power are likely to remain under pressure in the coming months.”
These reports only re-affirm the notion that it is becoming increasingly difficult to enjoy a comfortable and prosperous life in the UK, which is why so many people are choosing to find a new life abroad as expatriates.
There are so many benefits involved with moving abroad, and as the UK government seems hell bent on making life even harder, who can blame the thousands who leave every year? Learn more about life abroad by visiting our Expat Living section.