Household budgets ‘being squeezed’

With debt management problems mounting for millions of families around the UK, the Conservative Party has claimed that Gordon Brown’s economic policies have seen household incomes become increasingly stretched.

Shadow chief secretary to the Treasury Phillip Hammond insists that the prime minister’s policies have left families across the country struggling to meet the financial demands of everyday life.

Indeed, reflecting on figures from the Office of National Statistics showing that inflation is rising faster than average wages, Mr Hammond claims the government has left the country with facing an “economic nightmare”.

“With take home pay rising more slowly than the cost of living, family budgets being squeezed and mortgage costs rising, Gordon Brown has delivered an economic nightmare for many of Britain’s hardworking families,” he said.

“Brown has been responsible for the overall management of the economy for ten years and he cannot dodge responsibility for these problems.”

Figures released by Grant Thornton recently demonstrated that the UK’s personal debt management mountain is now worth more than its annual gross domestic product.