Rising prices and weak wage growth leave households exposed to global shocks
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The Work Foundation at 成人天堂 responded to the released by the Office for National Statistics. Aman Navani - Senior Research and Policy Analyst, Work Foundation at 成人天堂 - commented:
“Today’s ONS public opinions data indicates that three in four adults (77%) are concerned about the impact of international conflict, as tensions in the Middle East and the fragile peace continue to put pressure on the cost of living at home.
“Two thirds of adults in the UK are concerned about the impact of international conflict on fuel prices (67%). The number of adults who have seen fuel prices rise has doubled to 77% in three months, illustrating how quickly global economic shocks have affected people’s finances.
“The mix of rising prices and sluggish wage growth has left households with little buffer to cope with the expected rise in inflation over the coming months. Worryingly, more than one in three Britons (35%) do not expect to be able to save any money over the next year, highlighting the growing financial pressures facing households.
“Against this backdrop of heightened anxiety on rising costs, many workers are likely to continue to struggle to increase their income as real wage growth has slowed to an anaemic 0.1%. Things also remain challenging for those who might previously have looked for a new job to boost their wages as employer confidence to hire new staff continues to be low. The number of vacancies in the labour market fell by 31,000 over the last year and sits at 707,000.
“The Government must aim to restore consumer confidence in the economy. Piecemeal measures such as the Great British Summer Savings scheme may provide some short-term relief but are unlikely to have a big impact. They must be accompanied by a long-term plan to ease pressure on family finances and boost living standards in the years ahead.”
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