Household finances fell sharper in August than July amid unemployment fears

Average incomes hit by Covid-19 job cuts and saw consumers cut back on spending

Households finances in the UK fell more sharply in August than the previous month after rising levels of unemployment hit average incomes and persuaded millions of families to cut back on spending.

The IHS Markit UK household finance index fell this month following steady increases through May, June and July as households, which had become less pessimistic during these three months became gloomier about their personal finances.

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