- Tuesday, 8 December 2009UK families' living standards are expected to be seriously impacted as a result of expected changes to be revealed in the Pre-Budget report.
It is feared that alterations to various taxes, mortgage bills and household living costs could result in an income reduction for the average British family, the Daily Express reports.
As such, an increasing number of UK households could find themselves struggling financially and coming to rely on bankruptcy-avoiding measures such as
individual voluntary agreements (IVAs).
Graham Charlton, a tax executive at chartered accountants Grant Thornton, told the news provider: "The recession is hitting the average UK household hard. It is unlikely that most people will see an increase in their salaries over the next 12 months.
"The tax-free personal allowance is not likely to increase but your household bills will – so people will see a decrease in their disposable income."
He went on to say that the proposed National Insurance Contributions increase in April 2011 will "only make the situation worse".
The Pre-Budget report will be announced tomorrow (December 9th).
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