GGood morning.
Household income in the UK fell in an unprecedented fourth quarter as the cost of living crisis continues to eat into budgets.
The 0.2 percent drop in disposable income in the first three months of this year marks the longest streak of declines since the record began in 1955.
It also leaves incomes 1.3 percent lower than a year ago — even before April kicked off the jump in utility bills and taxes.
The numbers show continued pressure on household finances amid rising inflation fueled by Russia’s war in Ukraine, with prices rising for everything from food and fuel to clothing.
The ONS confirmed GDP growth of 0.8 percent in the first quarter. However, the economy is expected to contract in the second quarter as consumers begin to austere.
5 things to start your day with
1) Oligarchs ‘should be prosecuted’ for black money in London MEPs warn government inaction in calling UK a ‘safe haven from corrupt wealth’
two) Britain suffers faster and steeper decline than Europe, warns Andrew Bailey Bank of England governor says country suffers ‘very large national real income shock’
3) Heinz baked beans removed from Tesco shelves in row over ‘unwarranted’ price hike Supermarket points shoppers to rival products
4) Criminals using ‘deepfakes’ to apply for work from home jobs FBI Warns Fraudsters Are ‘Voice Spoofing’ When Attempting to Steal Company Information
5) Britain risks trade war if steel tariffs are extended Steel tariffs extended for two years due to suspected trade rule violation
what happened overnight?
Tokyo stocks opened lower this morning after US stocks ended flat, with investors looking for new trading clues.
The benchmark Nikkei 225 index fell 0.2 percentage points on opening, while the broader Topix index lost 0.3 percent.
The Dow Jones Industrial Average ended 0.3 percent higher, while the broad S&P 500 fell 0.1 percent. The tech-rich Nasdaq index fell less than 0.1 pc.
Global markets came under pressure after US Federal Reserve chairman Jerome Powell spoke at an ECB forum.
coming today
- Company: Bunzl (trade statement)
- Economy: GDP (UK)National house price index (UK)unemployment rate (U.S)jobless claims (U.S)personal income (U.S)Chicago PMIA (U.S)