Brits’ disposable income tumbled further in the first quarter of the year, according to official statistics.
According to the Office for National Statistics, Real Household Disposable Income (RHDI) dropped by 0.2 per cent in the quarter of January to March.
While nominal household gross disposable income grew, it was offset by quarterly household inflation.
This marks the fourth consecutive quarter of real negative growth in disposable income.
The figures also revealed that gK gross domestic product (GDP) is estimated to have increased by an unrevised 0.8 per cent in the first quarter of 2022.
The level of real GDP remains 0.7 per cent above where it was pre-coronavirus, in the last quarter of 2019.
The largest contributors to the GDP increase were information and communication, and transport and storage.