latest Asda Income Tracker highlights how UK family spending power has risen by £2 a week year-on-year in December.The increase was driven by falling employment figures and a downward trend in inflation.
The report revealed that the average UK family had £158 of discretionary income in December; this was the third consecutive month of increased yearly spending power.
The East Midlands saw the fastest growth year-on-year where spending power rose by 3.6 per cent. The East, South East, Wales and Scotland also noted significant increases. However, the South West and North East actually recorded a drop in spending power over the last quarter of 2013 - falling by £5 and £2 per week respectively.
"Average family spending power has continued to improve for the third consecutive month,” said Asda’s president and CEO, Andy Clarke. He added that the news was a positive sign that "a macro economic recovery was underway although, the effects had yet to be felt in real terms by all families across the UK".
While some regions were beginning to see the benefits of a stronger jobs market coupled with lower inflation, there were still pockets of the country where this hadn’t filtered through, he explained.
We’re on the right track with slow but steady economic stabilisation.”
