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The Institute for Fiscal Studies (IFS) has warned that homes may be experiencing the effects of the tax increases and spending cuts for the next decade.

A survey conducted by the organisation has shown that families in the UK have suffered the biggest decline in standard of living in the last year than any other time for the past thirty years.

The IFS has warned that it is those who earn lower salaries who are most vulnerable to the further reductions in spending power despite claims made by the Treasury that the plans to reduce the deficit will keep interest rates low and will help struggling families.

The cross sectional survey illustrated that many households in the UK had not initially felt the effects of the recession too much due to the welfare systems and the rise in financial support from the government. However, over the past year state benefits, tax credits and average income has been falling and now households are starting to feel the impact.

One of the research economists at IFS, Robert Joyce, has said that the harsh consequences of the recession are only just being felt even though the recession may feel like old news. He went on to say that the effects will now continue to be felt for years to come.

About The Author

Lee Murphy

MAAT and ICPA accountant, with a passion for making accountancy and bookkeeping accessible. Other interests include cloud-based software development for web and mobile access, keeping fit, reading, and entrepreneurship.

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