British consumers face another three years of squeezed spending, an influential report suggests, amounting to a "lost decade" for households.
Annual wage growth is likely to remain well below the 4.5%-to-5% rises seen before the financial crisis struck in 2008, the EY Item Club survey says.
This will slow consumer spending growth over the next two years.
Median pay in real-terms is forecast to fall from £18,852 in 2008 to £17,827 by 2017, the survey suggests.
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Comments
"Soaring global debt levels and weak growth could trigger another crisis, economists warn "
"Eurozone consumer sentiment also drops
The EC also found that consumer confidence across the euro area has fallen again, mirroring the decline in economic sentiment (details)
Its consumer sentiment index fell to -11,4, from -10.0 in July, showing rising gloom among households."
Link to data: http://www.theguardian.com/business/live/2014/sep/29/soaring-debt-l...