Household income cut by 10pc

The average take-home pay for Brits throughout August took almost a ten per cent cut, according to recent research.

Dropping from 4.5 per cent in July, August figures showed that the average employed Briton took home just 4.1 per cent of their wage, a result of significant rises in food, energy and fuel bills.

Richard Cooper, marketing director at VocaLink, which carried out the survey, said: "This month's figures are a clear indication of the conflicting forces affecting pay growth.

"Whilst employees' demands for wage increases to combat the higher cost of living are pushing up pay inflation, employers are looking at the weakening economy and attempting to restrain wage growth."

Such figures demonstrate the emphasis some households are putting on tightening their financial belts, and many households are looking for expenses to cut from their monthly budget.

September 04^th 2008

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