UK households suffer biggest financial hit since 1970s due to coronavirus


Average income falls 4.5% in May compared with start of outbreak, thinktank says

British households have suffered the biggest hit to their finances since the oil crisis of the mid-1970s as the coronavirus pandemic threatens to inflict severe financial hardship across the country.

Against a backdrop of rising job losses four months into the crisis, the Resolution Foundation thinktank said the average household in Britain had suffered a 4.5% drop in income in the month of May, compared with their average monthly income level in the financial year ending March 2020, before the crisis struck.

Continue reading…


Please enter your comment!
Please enter your name here