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2011 `the worst year` for household finances since 1977
Roger Bootle, a former Government adviser now working with accountancy firm Deloitte, has warned that 2011 would be the `worst year for household finances` since 1977, the Independent reports.
Mr. Bootle added that if interest rates were to increase, families in Britain wouldn`t have seen conditions depreciate so poorly since the early 1950s.
The typical British household will experience a £780 (2%) drop in its disposable income this year, and won`t see its finances recover to the levels seen at the end of 2009 until 2015.
The warning, which was published in Deloitte`s latest economic review, `reflects the impact` of taxes on incomes, higher inflation and increased unemployment.
A spokesperson at the IVA Advisory Centre commented: "A drop in disposable income means households won`t have as much money available to service their unsecured debts on a monthly basis.
"We would advise anyone concerned about this to seek professional debt advice sooner, rather than later."
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