Consumers 'feeling strain' as spending power falls - 23/04/2012
A growing number of people may like to make an energy comparison and switch gas supplier to a cheaper option to help reduce their monthly outgoings.
This is because a new survey from Lloyds TSB has revealed individuals in the UK are feeling the biggest squeeze in their spending power in over a year, falling by 1.1 per cent compared with March 2011.
As a result, the typical household has £113 less to spend on non-essential items than 12 months ago.
High prices for gas and electricity are contributing to these difficulties, the survey found, as two-thirds of people say they are spending more on this than last year.
Three-quarters of respondents added they are concerned about the effect inflation will have on their energy bills.
Recently, deputy governor of the Bank of England Paul Tucker admitted inflation in the UK is not falling as fast as the Bank had hoped.
Director of current accounts at Lloyds TSB Jatin Patel said: "The cost of essential items across the board continues to put pressure on households as income growth struggles to keep pace with rising prices."
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