Rising inflation will see household disposable income fall by 1.75 per cent this year in the second largest contraction on record, according to the Governor of the Bank of England. <br /> <br />Andrew Bailey said: "I recognise the hardship this will cause for many people living in the UK, particularly those on the lowest incomes … who are hit hardest by increases in the prices of basic necessities." Report by Buseld. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
