Less Disposable Income for UK Homeowners
According to the latest figures, UK households have less disposable income after making essential payments such as energy bills.
A quarterly report from The Bank of England shows that about one-third of office workers and manual workers found that their level of disposable income had fallen each month by £100 or more in the past year.
Disposable income is the amount of money which is left after tax, mortgage or rent payments, loan payments and energy bills.
The Times reported nearly a third of households have had a yearly decrease of £1,200 in their income due to altered working hours and pay freezes.
The Bank of England is also expected to reveal an increase in unemployment and a marginal increase in salaries for those who are employed.
Ofgem, the energy watchdog, suggests households could save more than £100 per year by comparing and then switching suppliers for both gas and electricity. This is a monthly savings of about £8.