The report published a real fall in income after tax of 3.5% - this represents the greatest fall in cost of living since 1981. Family incomes after tax are now comparable to what they were in 2003/4.
The change in Government taxes and benefits appears to be impacting the ‘less well-off’ more than the higher earners. This decline in living standards looks set to continue for another couple of years.
Homeowners aged over 55 years who are concerned about their finances and would like to know how much money the value of their property could release to increase their income, can find out by contacting
therightequityrelease.co.uk for equity release advice.