Living standards between 2010 and 2014 were the worst for at least half a century, new analysis from TUC is arguing.
The analysis, using data from the Office for National Statistics (ONS), found the five-year period was the only one in at least 50 years where real disposable household income per head fell rather than growing.
The TUC said the research shows the government’s austerity programme has hindered living standards even more than the financial crisis.
‘Living standards have suffered the worst slump in at least half a century, leaving workers paying a heavy price for the government’s bad choices over the last five years,’ said TUC general secretary, Frances O’Grady. ‘Austerity has failed, there’s still a major deficit, jobs are less secure and workers’ living standards have fallen.
‘We need a government that understands how important pay growth and secure jobs are for a strong economy. If workers don’t have decent wages in their pockets to spend, businesses will struggle to invest and grow.’
