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20th Sep 2021 18:00U.K., Economic Monitor

  • August's drop in retail sales was broad-based; the recovery in overall spending now is sluggish.
  • Real disposable income will drop by 1.5% q/q in Q4, as employment falls, inflation soars, and benefits are cut.
  • RHDI will recover in Q1, but then flatline in Q2, in response to the rise in employees' NICs rates.

consumers covid-19 cpi cpi inflation credit disposable income employment energy energy prices forecasts goods government household households income income tax thresholds inflation labour mpc non-food store sales ONS policy policy changes prices real spending restaurants retail retail sales sales savings services spending survey tax tax thresholds total spending

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Keywords for: Households will be Hurt by Q4's 1.5% Drop in Disposable Income

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