Sir Oliver Heald MP has welcomed the news that, according to the Asda Income Tracker, the discretionary incomes – the proportion of income left after tax and payment of essentials, such as rent and utilities – has risen by £4 per week in the East of England. The September 2014 national average of £174 per week of discretionary spending for every UK household is the joint-highest on record, and it was the twelfth month in a row that has seen a rise. Much of this was helped by falling prices, with fuel and food down by 6% and 1.4% respectively year-on-year. Consumer price inflation now stands at 1.2%, which is the lowest since the end of the recession in 2009.
Commenting, Sir Oliver said, ‘This is further evidence that the Conservatives’ Long-term Economic Plan is working. The recession has been tough on many, but we are now seeing continued improvements in every area of the economy. Low inflation on the essentials is reducing the cost of living, and, after a number of years of austerity, people’s disposable income is growing. Combined with the recent positive employment figures, this is another sign of a strengthening economy.’