The slowdown in household income growth that has driven a large part of the recent spending downturn has come as something of a surprise. Particularly puzzling is the 12% or so rise in the amount of tax deducted from household earned income. Given that tax rates themselves have not changed, households could be forgiven for feeling more than a little hard done-by.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.