The spending power of UK households declined throughout last month as real incomes in the country continue to contract, new research has found.
According to a report published today (June 18th) by Lloyds TSB, the amount of money Britons had available to outlay on non-essential items fell by 0.3 per cent last month.
This means that, on average, consumers have around £34 less to spend on such goods every month than they did at this stage in 2011 and the financier attributed this primarily to the fact that inflation is still "stubbornly high".
Recently, inflation has dropped slightly in the UK but 79 per cent of respondents stated they see the country's current figure as either "not good" or "not at all good" as it continues to sap their finances.
Chief economist at Lloyds Patrick Foley commented: "I would expect the benefits of falling inflation on consumers' spending power will be limited until we also see a stronger economy and faster growth in incomes."