Disposable income drops in Britain

April 24, 2012 at 5:03 PM

LONDON, April 24 (UPI) -- Disposable income -- money left over after necessities are covered -- has dropped sharply in Britain in the last 12 months, data show.

The Daily Telegraph reported Tuesday data collected by the Asda Income Tracker found disposable cash had fallen to an average of $230 per week for the average British family.

At the end of the week, after bills are paid, the average family has $16 less, or 6.5 percent, to spend than in March 2011.

"While growth in the price of essentials is likely to fall back slowly this year, the current tough conditions in the U.K. labor market look set to prevail," said Charles Davis, managing economist at Cebr. "Family budgets in 2012 are continuing to be squeezed by the three pressures of high unemployment, very weak wage increases and stubbornly elevated inflation."

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