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Income drop takes us back to 2008

May 13, 2015

banking

People in the UK are being warned that we could be facing the biggest drop in income for 30 years. The average income is set to fall by about 3% in 2015, which would take us back to a 2007/8 level of earning, however everything is going to still cost the same. Bad news for us then.

The Institute of Fiscal Studies that while the average income as actually risen recently, the long term effect of the recession and the higher inflation will see incomes shrink.

This teamed with the expected rise in energy bills, and it doesn’t look too good for the UK.

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