The paper says that data from Retail Economics shows that the amount the poorest households have left over after bills and essential spending has fallen by 2.1 per cent since Labour came to power in July 2024, but the most affluent households have seen their discretionary incomes rise by 10.3 per cent:
The new figures from Retail Economics, an independent economic consultancy, look at discretionary income, which is how much money families have left after spending on essentials.
Nicholas Found, from the group, said: “The reality is that lower-income families are still grappling with the legacy of surging prices, with finances playing catch-up as the cost of everyday products is significantly higher than it was four years ago.”
The figures include changes in tax and some bills which are not captured by official figures from the Office for National Statistics.
It is little wonder that Labour are struggling in the polls.
The tax system needs reorganising. One example could be its simplification. One example being those earning less than 50 thou charged 15% and those above 50%.That is earnings.Just a suggestion, but the tax system is now a muddle. Simplified, less bureaucracy,costs less.Knowing what someone has consistantly helps them plan spending better.
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