According to a study called Squeezed Britain commissioned by the independent think-tank the Resolution Foundation, middle income households will have to wait until 2020 to return to pre-recession living standards.
Rising bills and pay freezes mean the living standards of UK workers have fallen by up to 28% over the past four years.
The 5.8 million low to middle income households earning no more than £22,000 a year are currently struggling to pay essential bills and cannot afford many pleasures. In fact almost half of them have declared they have no enough money to go on holiday, enjoy night life and buy clothing and shoes.
According to the Resolution Foundation study, these families also face a 22-year wait to raise the deposit for their first home, while those owning their own home in the under 35 bracket have fallen from 51 per cent to 34 per cent over the past six years.
This scenario will be outweighed by further government deep cuts to tax credits due this April.
Thank you James, I am glad you like it!
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