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Wage rises 'slower than cost of living'

The rate at which wages are rising in the UK is failing to keep up with the cost of living, it has been claimed.

For some workers in industries such as law and banking in London, wages "have exploded", according to Credit Action. However, for many people in the UK, wage rises are slower, meaning that many people have to be careful with their money.

Chris Tapp, director of Credit Action, said: "Wages haven't kept up with the cost of living and so for a lot of people that means that their weekly budgets and the amount of money they've got spare is being tightened up."

UK workers' financial circumstances may be made worse because of the rise in utility prices that is expected in the UK this year, he added.

In the second quarter of 2007 there were nearly 27,000 individual insolvencies in England and Wales, representing an increase of 4.2 per cent compared with the same time the previous year.

People may wish to take out a loan in order to boost their income during 2008.

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© Adfero Ltd

16/01/2008 13:04:25

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