The UK has dropped from 5th to 12th place in a international comparison of household disposable income, according to a new report by the Office for National Statistics.
The UK was ranked fifth in 2005 but has since dropped by seven places to 12th in 2011, in a comparison of household actual disposable income per head.
The report suggests that the figures reflect the experiences of households since the recession began in 2008.
The increasing price of goods and services, as well as the devaluation of sterling during this period are cited as key reasons for a reduction in disposable income.
The value of UK exports increased by 3.5% between February and March of this year, according to new figures released by the Office for National Statistics.
The report on UK trade also revealed that the UK’s deficit on trade in goods and services was estimated to have been £3.1 billion in March, compared with a deficit of £3.4 billion in February.
Public sector net borrowing fell slightly to £120.6 billion in the year to March 2013, the Office for National Statistics announced today.
The figure is just below net borrowing in the year to March 2012, with was £120.9 billion.
This is after removing the effects of the transfer of the Royal Mail Pension Plan and the transfers from the Bank of England Asset Purchase Facility.
Public sector net borrowing fell to £15.1 billion in March, according to the latest figures from the Office for National Statistics.
This was down £1.6 billion from March 2012 when net borrowing stood at £16.7 billion.
The Office of National Statistics has released figures that give a snapshot of family life in the UK. The statistics showed that in 2012:
- There were 7.7 million families with dependent children in the UK, 1 in 7 of which had three or more dependent children.
- Married couples had a higher average number of dependent children in their family than other family types, at 1.8 children per family compared with 1.7 on average.
- The UK has a higher percentage of households with three or more children than three-quarters of European Union countries.
- Nearly 9 in 10 couple families with three or more dependent children had either one or both parents working.
Today's figures confirm our fears that economic stagnation has finally caught up with the jobs market.
Young people are bearing the brunt of our jobs crisis, with the number of unemployed youngsters up 48,000 and approaching a million again.
The news for those in work is not much better, with the gap between wages and the rising cost of living getting even wider.
We won't see a proper recovery in the jobs market until we get growth back into the economy. That's why the Chancellor must change course and prioritise jobs, growth and living standards in his Budget today.
Unemployment increased by 7,000 between November and January to 2.52 million. The ONS figures also show the number of people claiming Jobseeker's Allowance last month fell by 1,500 to 1.54 million.
The average earnings of UK workers have been falling in real terms for the last three years and are now at 2003 levels, a new article from the Office for National Statistics has shown.
After three decades of strong growth, real wages peaked in 2009 at £12.25. Since then inflation has outstripped wage increases, leading to real wages of £11.92 in 2010 and £11.41 in 2011.
This means that real wages have dropped by almost 3% between 2010 and 2012.
House prices in the UK increased by 3.3% over a 12 month period up until December 2012, according to new figures released today by the Office for National Statistics.
The rise in property prices is up 2.2% from a 12 month window through to November last year.
House prices rose throughout most of the UK in 2012, but prices in Northern Ireland continued to fall.
The year-on-year housing price increase reflected growth of 3.4% in England, 2.4% in Wales and 3.1% in Scotland, which were offset by a decline of 5.7% in Northern Ireland.