Incomes plunge to a 9year low

DISPOSABLE incomes have dropped to their lowest level since 2003, it emerged yesterday.

Take-home pay fell one per cent in the first quarter of 2012 to an average £273 a week, said the Office for National Statistics. It blamed high prices and sluggish growth in wages.

Shadow Treasury Minister Chris Leslie said: “These figures show the harsh squeeze facing families and pensioners.

“Millions of people on middle and low incomes are paying more because of the rise in VAT and cuts in tax credits.”