While Jeremy Hunt was keen to portray an optimistic picture of his autumn statement, bragging about tax cuts and how he was ‘growing the economy’, even though the facts show otherwise, new analysis has revealed just how bad it’s got for households under the Tories.
Analysis by the Resolution Foundation has revealed that this Parliament is set to be the worst on record for household income growth. The think tank found that incomes are projected to fall by 3.1 per cent from December 2019 to January 2025.
It said in its report: “That makes this the only Parliament that has seen an overall decline in real household incomes (the next worse being that of 2015-17, which saw growth of 1.0 per cent).”
The below chart illustrates just how bad this Parliament is for household income growth. So much for the Tories being the party of sound finances.
Does that number get significantly skewed by the rich?
Ie this metric would treat the king’s real disposable income going up by 1 dollar as equal but opposite to a peasant’s real disposable income going down by a dollar. I think the data is a good illustration, but the situation is probably worse and has been worse than this graphic suggests.
Yes, I think so. It’s total per capita, so if the rich have made gains (which they have) the figure will mask the extra losses of the poor. There is less in the pot and the rich have more of it.