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.
Cameron had the bounce back after we bailed the banks out. After that it’s been a heavy decline since
Brown bailed the banks out. Cameron blamed the banking crisis for all his woes, when the reality was that it was mostly sorted under Labour.
I’d be much more interested in a graph showing the negative growth in happiness rather than household income.
How often do they yell “fake news” over there when it’s something they don’t want to accept?
Usually a so-called dead cat strategy or other distraction is employed instead.
Less extreme (at least in one sense) is complicit or embargoed media organisations deliberately not reporting on failures, perhaps only telling part of the truth, but why do that when you can haul out the old reliable: Celebrity News!
Everyone loves and wants to hear about celebrities! Even Z-list ones! Don’t look at politics! That pop star you’ve barely heard of who might not resemble or align with the ruling class in some way has been arrested for something or other and this is the top headline tonight!
Or look over there! That politician you don’t like is taking part in a celebrity game show where they might have to do something almost as unpleasant as they are! (This has happened at least twice.)
Almost as if leaving the European Union create additional stress, that along with the pandemic, might have started a vicious cycle.
It’s fucking tragic eh?!
You can’t separate this from the dozens of major confounding variables.
Like?
Brexit, COVID, Russian oil
Are you seriously thinking that two years of politics can fully negate such events? It doesn’t matter what your ideal is in the short term, the national economy moves slowly and in tune to the global economic situation.
Brexit without a doubt, but this is the fault of the Tories. Covid hasn’t been paid for, we are still accumulating debt. The amount borrowed during Covid is still outstanding. Energy prices are back to normal in most of the EU. The UK allows energy companies to gouge the public, again the Tories.
I don’t think these numbers mean much unless they are compared with the global growth rates that were happening at the same time. We can’t trade if there is no one else willing to trade. Global growth forecasts are currently suggesting 2028 might see a return to pre-pandemic UK living standards.
Truss clearly bungled the economy but I’m not convinced that Sunak is worse at managing the economy than Cameron or Major.
The figures are not showing any gains from the effects of Truss.
Sure the Tories suck, but there was a small global pandemic.
… followed by an inflation shock from a jump in the price of imported fuel and commodities, due to an actual war between two European countries - something that literally none of the other prime ministers on that list had to deal with.
Sunak’s government is awful and deserves to be ejected from office in a landslide - but it hardly helps (and possibly even undermines) the case against them to pretend that what has happened to household real incomes this Parliament isn’t overwhelmingly due to factors way outside of their control.
Don’t you see, the PM that happens to be in power at the time of a war is directly responsible for it. This is the way. Boris Johnson is directly responsible for the ear in Ukraine and everything since. It’s just easier this way… less to think about 😂.
How has this affected the economy. He borrowed the money and has paid absolutely nothing back. We are in more debt now than we were after lock down.
