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Households less spending power despite income tax change, says ONS

A report by the Office for National Statistics has revealed that British household spending power fell in the first three years of the coalition government, despite millions of people being taken out of the lowest income tax band. Annual rises in the personal income tax threshold did not protect households from an economic downturn that saw pay freezes and rising energy bills. The ONS said that between 1997 and 2007, disposable incomes were on an upward path before hitting a wall and declining from 2010 onwards.

 

Note: News bulletin content has been provided by a third-party and is not the opinion of Santander.

 

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