The UK is suffering the 'toughest livelihood squeeze in decades' and government policy is contributing to the situation, it has been claimed.

This could encourage a number of people aged over 55 years to consult an equity release guide in order to see how the value of their home could boost their finances.

According to Brendan Barber, general secretary of the Trades Union Congress, the government's "reckless" reaction to the recession has been a major factor in inflation increasing to 5.5 per cent last month.

"With wages falling far behind inflation – RPI is at its highest for 20 years – and the cost of commuting rising by nearly eight per cent, workers are facing the toughest livelihood squeeze in decades," he commented.

"Worse still, the government is making things even tougher by imposing pay freezes across the public sector and growth-sapping spending cuts that give few opportunities for workers to ask for higher pay rises."

Homeowners aged over 55 years who are curious about how the value of their property could offer them a tax-free cash lump sum can find out by using the equity release calculator provided by Key Retirement Solutions.

Posted by Tom Papworth