UK faces worst decade for household incomes, IFS think tank says
- The Resolution Foundation warned on Thursday that UK household disposable incomes will fall by £1,050, or 3%, by the end of the current Parliament, excluding pensioners.
- This projected decline reflects weak real wage growth, a rising tax burden, and housing costs increasing faster than inflation, prompting critics to label Chancellor John Healey's approach as 'scattergun.'
- Office for Budget Responsibility forecasts suggest average real weekly wages will edge down 0.1% between 2026-27 and 2028-29, as researchers warn this decade is set to be the 'worst decade for growth' in household incomes.
- Prime Minister Andy Burnham defended the Budget against criticism, stating 'It's pretty bold to help 20 million households with energy costs through the council tax cut this winter.'
- Government departments face potential real-terms cuts in upcoming spending reviews as the Chancellor confronts pressure to deliver stronger real wage growth and economic stability amid persistent stagnation.
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34 Articles
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Britain’s Lost Decade: How the Establishment Parties Ruined the Economy for a Generation.
Britain is on course for almost no improvement in living standards over an entire decade, according to the government's fiscal watchdog. As taxation approaches historic highs, energy costs are hurting industry, and mass immigration is failing to deliver the supposed economic benefits long touted by experts, the country's economic model may be following the path of Japan's lost decades.
Healey Lowers Capital Gains Tax for 600 People and Hikes It for 10,000
Healey’s new ‘Founders’ Relief’ will only help 600 people a year. Guess who’s paying for it? Other asset holders… The Chancellor has produced a 10% capital gains rate on up to £10 million of lifetime gains for founders of “high-growth, innovative” companies. HMRC’s impact document notes that roughly 600 people a year will be eligible…
‘Worst decade on record’: Healey’s Budget promises collide with grim warning on household incomes - London Business News
Chancellor John Healey has come under fierce fire from Britain’s business community and leading economic think tanks after his first Budget was accused of failing to deliver the investment boost… The post ‘Worst decade on record’: Healey’s Budget promises collide with grim warning on household incomes appeared first on London Business News
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