And one of the major contributors to people feeling the pinch is the hike in energy tariffs around the UK, with all but one of the nation's leading providers increasing their prices.
Commenting on figures that show a household with an income of £29,776 will lose £1,340 a year, professor David Bell tells the newspaper: "Spending power will be reduced quite dramatically. This is actually a conservative, lower-level estimate."
The only dual fuel provider of Britain's major six suppliers not to have raised its prices is EDF, which has promised a freeze until at least March 1st.
Posted by Richard Eden
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