U.K. disposable incomes dropping

U.K. disposable incomes are set for their biggest drop in a decade next year as rising inflation, tax hikes and tighter monetary and fiscal policy put the squeeze on consumers, according to Credit Suisse.

The bank predicts a 1.5% drop in real disposable incomes in 2022, the biggest fall since the aftermath of the financial crisis in 2011.That will in turn damage the prospects for economic growth.