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TOPIC: UK household incomes to plummet

UK household incomes to plummet 26 Mar 2017 22:04 #59

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UK household incomes to plummet for years to come, new reports find

By Barry Mason 9 March 2017
According to a report, “Living Standards, Poverty and Inequality in the UK: 2016-17 to 2021-22,” by the Institute for Fiscal Studies (IFS), workers in Britain will remain in the grip of a squeeze on incomes, which began with the global financial crisis of 2007/8.
The IFS concludes that cuts will continue until 2021, making it the most prolonged squeeze on income for 60 years. It is estimated that, on average, households will be £5,000 a year worse off than they would have been if the financial crisis had been avoided.
The report, compiled using official government data on household incomes for the year 2014-15, the most recent set of such figures, examines the policy implications of government fiscal measures. The researchers augmented this using other data sources and changes in legislation to produce an up-to-date picture.

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