PEOPLE in Yorkshire are feeling the pinch of inflation and are bracing themselves for the pain to continue over the next year.

Research conducted by Brewin Dolphin, investment managemet specialists in York, found 88 per cent of households in Yorkshire expect the pain of inflation will continue as it presses on upwards.

Paul Widdicombe, divisional director at Brewin Dolphin, York, said: “Lenin, the Russian revolutionary, is reported to have said ‘the way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation’.

“And this seems to be exactly how many of our clients are feeling today.”

Consequently, Brewin Dolphin commissioned ICM to conduct a survey of the levels of concern about inflation and also organised a debate, Inflation Good Or Evil?, to discuss the poll results.

Key findings for the Yorkshire and Humber region were:

• 97 per cent agree that the cost of living has increased considerably over the last couple of years .

• 88 per cent expect the cost of living to increase over the next 12 months and 82 per cent do not expect their income to rise at the same pace as inflation over the same period.

• 60 per cent think that the current economic environment is having a negative impact on their savings and investments.

• Only eight per cent feel they are benefiting from a fall in the cost of borrowing.

• Overall 69 per cent have little confidence in the Bank of England’s strategy for combating inflation (while 20 per cent do have confidence in the strategy).

Asked: “What does inflation mean to you?” 92 per cent agreed that it was an increase in the cost of fuel and their weekly shop; 53 per cent reported a fall in the spending power of their pensions; only eight per cent spoke of an increase in their property’s value and only three per cent saw benefits by way if reduction in the value of their debt.