United Kingdom - Income distribution and living standards - February 28, 2018
A report of the thinktank Resolution Foundation, Living Standards Outlook, is exploring in detail what the next five years may hold in store for household incomes and inequalities. The report is concerned with an in-depth look at the real spending power of typical households and of the income distribution. The authors conclude that the outlook is poor for low income working-age households. The years 2016-17, 2017-18, 2018-19 and 2019-20 in the projections all involve part of the income distribution becoming worse. Roughly the bottom 40% of the working-age population is expected to face relatively weak or even negative income growth, with higher and relatively equal growth for the rest (in cash terms incomes grow fastest for the richest). The last decade has been the weakest for average earnings in two centuries after adjusting for inflation. This is the product of a combination of disappointing nominal pay growth and above-target inflation. On nominal pay, whereas 4% growth was normal before the financial crisis, average earnings growth has remained below 3% cent since January 2009.
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