A new report from PwC indicates that nearly half of British households do not experience improved living standards despite economic growth, highlighting a significant North-South divide in spending power. Regions in the north, midlands, and Wales report lower spending capabilities compared to the national average, with London and the South East showing higher figures.
The report emphasizes that while household spending power is crucial for assessing economic benefits, disparities exist even within affluent areas. The findings raise questions about the effectiveness of current economic policies and the potential impact of proposed devolution measures aimed at addressing these inequalities.
Watch for how the government's devolution plans unfold, particularly in regions struggling with low spending power. The effectiveness of these measures in addressing disparities will be crucial, especially as public spending choices tighten amid rising borrowing costs.