Published this morning, The Living Standards Audit 2019 from the Resolution Foundation found that, though average disposable income had just about tripled since 1961, the years 2017-2018 and 2018-2019 look to have been the worst on record – outside of recessions. Over the period typical incomes shrank by 0.3 per cent, a bigger fall than during the recession in the early 1990s. Incomes of adults in their late twenties are lower than they were a decade ago. Young parents under the age of 35 living as a family were the most at risk of poverty. These figures are in sharp contrast to the hype attached to yesterday’s ONS data showing that because unemployment was just 3.8 per cent wage growth over the year had risen by 3.6 per cent. ‘’Regular pay is growing at its fastest for nearly 11 years in cash terms, and the quickest for over 3 years after taking into account inflation’’ said ONS statistician Matt Hughes.
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