a post by Adm Corlett for the Resolution Foundation blog
It may go unnoticed amid the current political turmoil, but today we learnt a lot about the recent state of Britain via the publication of official statistics on incomes, poverty and inequality. We already know how the economy and labour market have performed over recent years, but today’s stats give us much more information about how this all fed through into households’ living standards in 2017-18. And the results are concerning.
Typical incomes stagnated
2017-18 was a year in which average prices rose by around 3 per cent – faster than most earnings, benefits or other income. As a result, typical household incomes fell by around 0.2 per cent in real terms. This fall is similar to separate ONS stats released last month, and our own income projections.
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