Almost half of households do not see benefits of economic growth, report says

Almost half of people in Britain live in areas where economic growth does not translate into a better quality of life with a stark North-South divide in the spending power of households, a new report finds. Researchers at consultancy firm PwC said every region the north of England, midlands and Wales had a lower spending power than the country's average, with London and the South East comfortably above. The findings come as Prime Minister Andy Burnham has pledged to tackle the cost of living and regional inequalities in order to boost living standards. But questions remain over the new PM's economic policies with surges in UK government borrowing costs set to impact public spending choices. The report released on Thursday said the equivalent of 12.5 million households - 46% - lived in parts of the country where economic growth, often seen through increased business investment and job opportunities, were not leading to better living standards.