Sharp deterioration in outlook for household finances

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The outlook for household finances has slumped to a six-month low, with job security and incomes declining again in October while bills keep going up. Families' debt levels have climbed for seven months running, and people's appetite for major purchases such as a car or furniture has weakened markedly.

More than half of all those polled by financial information firm Markit expect their finances to worsen, while just over a fifth anticipate an improvement in the 12 months ahead.