Parents cut back on children’s pocket money as UK inflation bites

Children are feeling the effect of the UK’s cost of living crunch, with almost a third of parents cutting back on pocket money.

Halifax’s annual Pocket Money survey reveals that average weekly pocket money has fallen by 23 per cent, from £6.48 last year to £4.99 now.

The cost of energy is the biggest worry for British parents, according to the survey, with 71 per cent of those surveyed naming it as their top concern.

Energy bills…