Brits got poorer due to the high cost of living, official data has suggested.

British families saw their incomes drop in real terms last year when household sizes are taken into account, official data has shown, with high inflation and tax demands squeezing people’s finances.

The Office for National Statistics has revealed that equivalised original income for UK households dropped by £1,400 in real terms because salaries did not keep up with inflation.

The measure for household income makes a comparison across different types of households according to the number of people who live there and ages of household members.

It assumes that two-person households will not need double the amount of money a single-person household needs to sustain the same living standards.

Figures publishe

See Full Page