16 November 2011
Gavin Kelly and James Plunkett
In the three months from July to September, Britain’s economy actually grew—by 0.5 per cent. That performance was less bad than many had feared, and some have seized on it as a source of hope. For Chancellor George Osborne it was a “positive step… laying the foundations for the future success of the country.” Even Bank of England Governor Mervyn King, hitherto the nation’s self-appointed prophet of economic doom, recently said that the squeeze “is now beginning to come to an end.” Whether or not such sparks of hope prove justified, they obscure a much bigger question: even if the economy recovers, will living standards improve?
Alan Johnson benefits budget 2011 cameron chancellor Commission on Living Standards cost of living cuts David Cameron economy family food prices Gavin Kelly good life homeownership Housing income Independent inequality James Plunkett Labour Party Lib Dems living standards Middle Britain new statesman pension private rented prospect magazine social housing spending cuts Spending Review squeezed Squeezed Middle tax tax credits Treasury welfare