Young People in UK Left With £150 a Week After Bills and Taxes
Young people in Britain have seen their disposal incomes shrink by more than one fifth, according to figures from Asda Group Ltd. that highlight the UK’s deepening cost-of-living crisis.
(Bloomberg) — Young people in Britain have seen their disposal incomes shrink by more than one fifth, according to figures from Asda Group Ltd. that highlight the UK’s deepening cost-of-living crisis.
Asda, the country’s third largest supermarket, said that under-30s are being left with just £150 ($177) per week on average after paying taxes, rent, groceries, transport and essential bills. July’s number was down 21.6% on a year earlier.
Disposable incomes for all households were down 16.5% in July, Asda’s monthly consumer survey showed, at £204 per week — the second biggest decline since the grocer started the survey in 2008.
Soaring inflation, including high energy costs, has forced households to pay more for essential items such as food and gas bills. Such expenditure rose 12.5% for those under 30, the survey said.
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Asda, considered to be the most value-focused of Britain’s “big four” grocers, said nearly 90% of the people it surveyed are worried about rising energy prices and inflation, underscoring widespread concern as Britain heads into the colder months. Elevated gas bills could push many households into energy poverty.
July’s inflation data showed that price pressures are moving beyond energy, with food being the biggest driver.
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Asda said it has moved quickly to get cheaper products on to shelves in response to soaring prices, tapping a shift to store-owned labels over branded goods.
Rival budget chain Iceland Foods said this month it would allow shoppers to pay for their food in installments.
Grocery price inflation has reached 11.6%, retail data business Kantar said this month.