Boris Johnson’s government is set to preside over the lowest income growth levels during any parliament on record, according to a new analysis of Office for Budget Responsibility data by the Resolution Foundation.
Now that the dust has settled on last week’s Budget, the plight of workers across the UK is becoming clearer. Real disposable household income per person is set to grow by just 0.5 per cent across the current parliament; a measly 0.1 per cent a year.
Both of these figures represent the lowest growth levels for any parliament on record (with data stretching back to 1955). The most recent three Conservative parliaments all feature in the top four lowest parliaments on record for income growth.
Tony Blair’s 1997 government presided over the largest income growth levels in the past quarter of a century with 12.8 per cent growth across the parliament. Earnings growth has been significantly lower since with a mixture of economic crises and austerity taking their toll.