Household prospects expected to brighten

News of rate rise

A survey has shown that economists believe 2015 will be the best year for living standards since the financial crisis, although households would remain poorer than before the recession. A cap of 1% on annual rises in benefits will not represent a real terms cut whilst inflation stands at 0.5% and looks likely to fall further. The oil price collapse has also helped households by bringing lower petrol prices, whilst the supermarket price war has driven grocery bills down and E.ON became the first of the big energy firms to announce a price reduction this week. Average wages have also begun to creep ahead of inflation, for the first time in five years. Despite the positive outlook, respondents to the survey warned that improvements would not be uniform and households would remain poorer than before the recession.


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