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British households undergo the sharpest squeeze in three years
In July, UK households' financial situation has worsened at the fastest pace for three years because British families increasingly stay away from big purchases like household appliances and cars, as Monday’s survey revealed.
Financial data company IHS Markit informed its monthly Household Finance Index tumbled to 41.8 from June's outcome of 43.7, which is its lowest result since July 2014. It definitely reflects an everlasting squeeze on household incomes because wages can’t catch up with inflation.
There are evident signs that squeezed household budgets along with worries as for earnings have started spilling over to consumer spending patterns.
Wednesday’s official data showed that economic surge picked up moderately by the end of June. Experts surveyed by Reuters observe an expansion of 0.3% versus 0.2% in the first quarter, which is half Britain's long-term average surge rate.
The poll also unveiled that households' willingness to make big purchases went down to its lowest reading since December 2013.
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