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Report: Britain faces longest fall in living standards since 1950s

Europe
23.11.2017
By our dpa-correspondent and Europe Online    auf Facebook posten  Auf Twitter posten  
London (dpa) - Ordinary British people have faced the longest fall in living standards since the 1950s, based on the government‘s downgraded growth projections, a social policy think tank said on Thursday.

The new projections forecast average growth of 1.4 per cent over the next five years, meaning Britain‘s economy could be 72 billion pounds (94 billion dollars), or 3.4 per cent, smaller in 2021 than was projected in March 2016, the last forecast before Britain voted to leave the European Union.

"The current income squeeze is set to be longer - though shallower - than the post-crash squeeze, with real household disposable incomes set to fall for an unprecedented 19 successive quarters between 2015 and 2020," the Resolution Foundation said.

It said recent changes to tax and benefit policies will "put downward pressure on living standards and upward pressure on inequality," with the poorest one-third of households likely to lose an average of 715 pounds annually by 2021, and the richest one-third gaining an average of 185 pounds.

"Families are now projected to be in the early stages of the longest period of continuous falls in disposable incomes in over 60 years - longer even than that following the [2008] financial crisis," said Torsten Bell, director of the Resolution Foundation.

In a budget speech on Wednesday, Chancellor of the Exchequer Philip Hammond promised to support a huge expansion of housing construction and help small businesses and high-technology firms to "build on the strengths of the British economy."

 

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