UK households suffer biggest fall in available cash in eight years

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UK households have suffered the sharpest fall in the amount of cash they have available to spend for almost eight years, amid a worsening cost of living crisis driven by high inflation and rising energy bills.

According to a report by the insurer Scottish Widows, increasing living costs at the end of last year hit people's pockets and led to the steepest decline in cash availability since the start of 2014.