U s median household income

Families suffered their longest-ever squeeze on disposable incomes even before Vladimir Putin’s invasion of Ukraine compounded the shock by sending energy bills soaring. Disposable incomes unexpectedly slipped 0.2pc in real terms during the first three months of 2022, falling for a record fourth consecutive quarter, according to the Office for National Statistics. Economists had expected a rise and incomes are down 1.3pc compared to a year earlier with much worse to come. The figures indicate that households had a smaller buffer to cope with the looming bigger income shocks caused by the war in Ukraine, stoking recession fears. Incomes are being squeezed by wages failing to keep pace with inflation, which hit a 40-year high of 9.1pc in May. However, households are not yet reducing the rate of saving to cushion the shock to incomes , official figures showed. The household saving ratio - how much disposable income is being saved - was unchanged at 6.8pc in the first … [Read more...] about Household incomes suffer longest fall on record – and worse is to come

Furlough: Sunak facing 'unemployment spike' says expert Get pensions news and advice plus latest money alerts for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Rishi Sunak is, reportedly, planning on introducing a two percent tax on goods sold online. On top of this, a “green levy” could be charged on delivery vans. Trending READ MORE Inheritance tax warning: Rishi Sunak may 'target' IHT for reform It should be noted that nothing has been confirmed thus far but the proposals have already drawn numerous comments and views from private companies and public institutions alike. Martin Gurney, a partner at Haines Watts Swindon, was sympathetic to the government's cause: “There is pressure on the … [Read more...] about Tax warning: An online sales tax will ‘impact low income households’ – you may carry costs

Royal family are 'worth the money' says Charlotte Pickles Sign up for FREE royal alerts SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info The Queen and her team of working royals complete duties on behalf of the nation, but many in the UK are in favour of a republic and the abolishment of the monarchy. A big sticking point with anti-monarchists is the Royal Family's finances, as many argue 'The Firm' isn't good value for money given the amount of public funding it receives. But aside from the taxpayer, the Royal Family makes its money from several avenues, including some surprising income sources you might not have heard of. Related articles Harry and Meghan fans 'turn away' from couple, expert claims Meghan's … [Read more...] about How does the Royal Family make its money? Inside the royals surprising income sources

Thérèse Coffey grilled on ending benefit cap 'grace period' Get pensions news and advice plus latest money alerts for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Universal Credit is designed to help households who are either on a low income or are out of work entirely, and therefore the financial support is particularly important. Indeed, throughout the ongoing COVID-19 crisis, many turned to Universal Credit for help, after facing challenging circumstances. But as the country draws closer to Christmas, thousands of households are also coming to the end of their benefit cap grace period. Trending READ MORE Premium Bonds: NS&I’s changes to payment process come into force This, MPs raised, … [Read more...] about Universal Credit UK: 160,000 households could see benefits capped this month

IF one is to believe the bulk of news stories, the typical American voters these days are affluent white mothers ("soccer moms") and fathers, living in the suburbs and probably involved in the information economy ("wired workers"), whose interest in government reflects their relatively privileged position: "No big programs, please, because we don't really need them, but little, cheap ones are okay, provided they target one of our few remaining problems." • "Soccer moms.... were America's most wanted voters, and their every wish turned up on some politician's list of promises: child tax credits, education tax breaks, scholarships, V-chips, school uniforms, longer childbirth stays, time off for teacher conferences, even a breast cancer web site. Some called it pandering, others family friendliness" ( USA Today, November 6, 1996). • "Wired workers are the wave of the future, political analysts say. Political parties will learn to surf the new demographics, or go under. Wired … [Read more...] about America’s Forgotten Majority

Savings expert Martin Lewis explains equity release schemes Get pensions news and advice plus latest money alerts for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Equity release is available through a range of products which enable people to take money out of their property. This can either be done through accessing the money as a lump sum, or through several smaller amounts. Equity release has proved popular amid the lockdown crisis as many seek to access extra cash. Trending READ MORE Mortgage UK: Over 55s may be forced to turn to equity release Huge swathes of the country are facing financial difficulties, and thus, getting hands on additional money could prove particularly helpful. Equity … [Read more...] about Considering equity release? These are the essential steps to bear in mind for success

Households are suffering from the biggest cut in living standards since the 1950s amid escalating food and fuel bills alongside rising taxes and interest rates. Inflation is at 9%, its highest level in 40 years, driven by spiralling energy and food prices. The average UK household’s annual energy bill rose from £1,277 to £1,971 in April (equal to an extra £60 a month), while food prices are up around 6% on a year ago with the average UK household now spending an extra £23 per month. Meanwhile, the Bank Of England raised interest rates from 1% to 1.25%, the fifth consecutive rise, last week. And around nine in ten households have felt the impact of rising prices, according to official data from the Office for National Statistics (ONS). Here, we speak to three households about how they are coping with the ever-worsening cost of living crisis… ‘The government needs to give people more financial support’ Su Morgan, 42, runs a coffee subscription service called Dog … [Read more...] about The families on the frontline of the cost of living crisis: ‘It’s not fair that people are struggling so much’

Residents of New Mexico will start receiving their newest round of tax rebate checks as early as next week in a state effort to offset the impact of rising U.S. prices. The state's Legislature and Governor Michelle Lujan Grisham approved rounds of rebates and economic relief this year, according to the New Mexico Taxation and Revenue Department. State residents have received stimulus payments in May and June, but this new round will be different from those that came before in that the tax rebates are subject to a certain income threshold, Albuquerque's KRQE reported. Inflation hit a 40-year high in May, which has put major pressure on President Joe Biden and state leaders and legislators to take action to offset the rising costs. Americans have been particularly hit hard in the wallet when paying for gas , food and travel . The New Mexico tax department's information page specifies that married couples filing joint returns, heads of household and surviving spouses are … [Read more...] about Stimulus check update: New Mexicans to receive more payments next week

Martin Lewis outlines the Warm Home Discount criteria Get pensions news and advice plus latest money alerts for FREE now SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Heating bills often rise as people try to keep warm at home during the colder months of the year. This year has been particularly unprecedented, and households will be spending more time at home than perhaps ever before. The Department for Work and Pensions (DWP) has recognised the difficulties many households are likely to be facing at this time of year. Trending READ MORE Energy bills can be slashed by Britons by taking action this winter The government department has continued to provide a series of support measures which are intended to … [Read more...] about DWP urges Britons to check if they’re eligible for ‘financial boost’ this winter

The Bank of England Governor has warned that Britain faces a faster and steeper downturn than other rich countries as households are battered by a “very large national real income shock”. Andrew Bailey said the UK economy is at a “turning point” after Covid, the energy price surge and the war in Ukraine combined to trigger spiralling inflation and the worst drop in disposable incomes for decades. Opening the door to a bigger hike in interest rates to tame price pressures, he vowed to act “more forcefully” if painfully high inflation - forecast to hit 11pc in October - persists. Speaking at a conference in Portugal, Mr Bailey said: “The UK economy is probably weakening rather earlier and somewhat more than others . I think that’s been somewhat evident now for a few months.” It came as a slew of retail industry chiefs warned of a looming plunge in consumer spending in a survey shared with The Telegraph. Stefano Pessina, the head of Boots owner Walgreens Boots Alliance, has … [Read more...] about Britain suffering faster and steeper downturn than Europe, warns Andrew Bailey