Discretionary income down £2 a week year-on-year says Asda Income Tracker.
- The average UK household had £157 a week of discretionary income in September 2013, down £2 a week from the same month last year and £8 a week from its peak in February 2010
- Weak wage growth was again a key factor, up just 0.8% over the past year – the smallest year-on-year rise on record
- The rising cost of energy continues to put pressure on household budgets, with the price of electricity and gas up 8.1% and 8.3% respectively
- Good news for home owners as the cost of inflation on mortgage interest payments fell for the sixth consecutive month to 2.3% year-on-year – the lowest rate since July 2012
- Across the UK, spending power fell back in every region except for the East of England (0.6%), with the West Midlands (-3.5%) and Northern Ireland (-3.5%) hardest hit
The latest Asda Income Tracker has revealed that family spending power fell by £2 a week year-on-year in September 2013 – driven by the weakest wage growth on record in the UK.Read more