Wednesday, August 24, 2011

UK economic recovery almost impossible

Source: Press TV

The British economy has faced a more sluggish growth as reports have shown that more than half of British low to middle-earners' purchasing power has declined sharply.

A survey conducted for the Resolution Foundation by Ipsos MORI, the second largest market research organization in the United Kingdom, has revealed that the British economy is not to get out of its current dire situation as only less than half of Britain's low to middle-income earning households are able to save any money at the end of the month.

The report warned that with over half of the lower to middle-income families living from hand to mouth, the future of the British economy remains as gloomy as it had been predicted formerly. The low to middle-income households are defined as having gross annual income of between £12,000 and £48,000.

The British economic recovery received a further blow as the inflation rate is growing faster than pay rises with souring food and utility prices leaving the British people with no money to spend on accessories and luxuries.

Furthermore, the survey has revealed results that have caused great concerns among economic analysts. With regard to job security, only around one third of employees have stated that they feel secure in their jobs with the rest fearing the prospects of job loss.

"Working people in low to middle-income households continue to be squeezed from all angles. Everyone is saying that households need to save more and run down their debt - but this new poll shows just how hard that will be,” said the foundation's chief executive, Gavin Kelly.

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