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Cost of living situation improves for UK families

Homage to the house proud how to make your property perfectThe cost of living remains an issue in the UK, but the situation for families is easing slightly according to the latest figures.

The average household has £170 a week of discretionary income in April 2014 according to Asda’s Income Tracker – a rise of £3 year-on-year.

It meant family spending power has risen for seven months in a row although the rate of growth slowed compared to the £7 increase seen a month previously.

According to Asda, the slowdown resulted from families seeing a boost to their incomes thanks to personal tax allowance changes in April 2013.

“This is now the seventh consecutive month of growth and families are telling me that they are feeling a real benefit of having more money in their pockets,” said Andy Clarke, president and chief executive of Asda.

The costs of essential items such as food, petrol and energy are falling, despite the rate if inflation increasing slightly in April.

Confidence in the economic recovery is spreading and families are slowing starting to feel the benefits.

Despite these items costing less in April, the price of clothing and of rent increased, meaning financial pressures remain on some families.

Families who are struggling to pay their way can turn to alternative means of personal finance, provided that they are able to pay back any money borrowed within the set time frame.

Inflation did however remain below the Bank of England threshold of 2% and interest rates look set to remain at their record low rate of 0.5%.

Bank of England governor Mark Carney has hinted that the rate is unlikely to change for the foreseeable future either.

The country’s jobless rate also dropped to 6.8% in the three months to March, according to the Office of National Statistics, as more families were able to source additional means of income.

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Andrew Wayland
Marketing Director at Everyday Loans
Andrew Wayland is a financial marketing expert and helped set up Everyday Loans back in 2006. Prior to his position as Head of Marketing for Everyday Loans he worked as the Head of Commercial Development for a tech start up and ran his own PR agency for around 5 years. LinkedIn: https://www.linkedin.com/in/andrew-wayland-9018074