UK faces worst decade for household incomes, IFS think tank says
The Resolution Foundation says working-age households could lose £1,050 in disposable income, while the IFS says the decade will be the weakest on record.
- 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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25 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.
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