Goodbye to the good life
Gavin Kelly and James Plunkett
This article originally appeared in Prospect
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?
'Annual Survey of Hours and Earnings' 'earnings squeeze' 'squeeze' 'wage stagnation' #ows £10000 10p 2011 2012 50p 99% Affordable Housing Alex Hurrell America andrew haldane Anna Vignoles apprenticeships arrears ASHE assets Audit Australia autumn statement bank of england below minimum wage benefits borgen Boris Johnson borrowing budget budget 2011 Budget 2012 cameron care assistant centreforum child benefit child poverty childcar childcare CiF citizens UK coalition Commission Commission on Living Standards conservatives cost of living Cost of Motherhood costs council tax council tax benefit cpi CPIH daniel chandler datablog David Cameron david willetts de-coupling Debt debt forgivenes debt target degree dependency dilnot distribution Donald Hirsch earnings economy Ed Miliband education employment enforcement equity release felicity dennistoun female employment first-time buyers forbearance gap Gavin Kelly GDP gearing gender generation rent gingerbread giselle cory good life great stagnation gregg growth growth without gain Guardian HELP Committee higher rate higher rate tax relief hmrc holmes hourglass household debt household finances household income household spending Housing housing market huffington post IFS illegal in work income income inequality income tax increase indignados inequality inflation institutional investment interest rates international ippr Ipsos MORI James Plunkett jared bernstein jobs jobs gap joe coward John Van Reenen jrf Labour labour market lane kenworthy lee savage Left Foot Forward Lib Dems liberal democrats living living costs living standards living wage living wage foundation LMIs Low earners low middle earners low pay Low Pay Britain low pay commission low to middle income low wage low wage work machin marginal tax rate matt whittaker matthew hancock Matthew Whittaker mayhew measuring poverty median real wage median wage Mervyn King middle class minimum income standards minimum wage missing out mobility monetary policy Montague mortgage market mortgages netmums new statesman new statesman blog new year newby newham Nick Clegg niesr number paid below minimum wage Obama OBR occupy occupy wall street OECD older older workers ons pay pay and pensions pension Pensions pensions relief personal allowances personal finance pledge cards polarisation policy politicans politics poll poverty predistribution prescription charges prices priorities private rented sector private sector growth prospect public sector public services q2 growth recession recovery reduce credit card reform regional Rented Sector resolution foudnation Resolution Foundation retirement robin wales routine jobs rpi RPIJ rss savings Senate shereen hussein skills social social care social housing social mobility social mobility foundation society Sophia Parker southern cross Squeezed Britain Squeezed Middle standards state state pension age sutton trust tax tax and benefit changes tax and benefits Tax Benefits tax changes tax credits tax cuts tax relief The Spirit Level think tank think-tank threshold travel time trends uk underemployment unemployment unison Universal Credit university USA van reenen VAT Vidhya Alakeson voters voting wage wage growth wage inequality Wage squeeze 2013 wages welfare Welfare Debate welfare state White Paper women Work work incentives workers Working part time lower skilled job working poor young people Youth unemployment youth wages zero hours

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