surprise! Living standards are on track to be worse than they were in
the general election in 2024 and political parties will be laying all
the blame on the Tory government. Promises will be flying like
confetti to persuade workers that, rather like those pictorial
depictions in Jehovah Witnesses literature, paradise awaits. And all
you have to do is vote for Lab/Lib/ Con! It is a con of course.
Whoever gains power will use it for the benefit of the minority
workers’ living standards will flatline next year, leaving them on
track to be 4% worse off heading into the next election than they
were in 2019, according to a leading think-tank.
Resolution Foundation, which focuses its research on low- to
middle-income households, said in a report that “never in living
memory have families got so much poorer over the course of a
mortgage rates, steep tax rises and a stagnant economymeant
UK workers were on track before an expected election in 2024 to
suffer the worst fall in incomes over a five-year period since the
1950s, it said.
Corlett, the organisation’s principal economist, said stable
incomes next year will be a relief for many households, but “the
bad news is that the living standards outlook is still dire, with
overall stagnation and further income falls on the way for less
a separate study, economic stagnation next year will be compounded by
slowing exports to Europe and the rest of the world following a
decline in global trade and unique barriers caused by Brexit red
British Chambers of Commerce (BCC) said in its quarterly economic
forecast that the UK had avoided a recession this year but with “a
number of economic indicators now flashing red” the next two years
would bring “consistently low growth”.
at the Resolution Foundation said the incomes of typical working-age
households were on course to be 4% lower in 2024-25 than they were in
2019-20 – considerably worse than the 1% income fall recorded
between 2005-06 and 2010-11.
report looked at comparable UK data going back to the middle of the
some important elements of economic data was improving, with
inflation having fallen from a peak of 11.1% last year to 6.8%
the Bank of England likely to halt its interest rate raising cycle
within a few months, it said higher mortgage and rental costs, a rise
in tax bills and restricted government finances would limit the
gross pay is expected to rise by 2.9% on average over the course of
the parliament (2019-20 to 2024-25), but frozen tax thresholds mean
that for the typical employee, post-tax pay will rise by just 0.6% in
real terms over this period, it said...
number of people living in absolute poverty – calculated as below
60% of the 2010-11 median income, adjusted for inflation – was
projected to rise by 300,000 next year, reaching 12 million in
BCC said a modest upgrade to the forecast growth rate of the UK
economy this year was overshadowed by steep falls in business investment and
weakening exports, limiting growth to between 1% and zero over the
following two years’,