Wednesday 17 July 2019

The past, present and future of living standards

What drives income growth and inequality across Britain?

Speech by Shadow Chancellor John McDonnell MP

There are many components behind the money families have to spend every week – from how many of them work, to the rate they’re paid and the hours they do. Or from the taxes they pay and the social security they receive, to the rent they owe. These issues shape the living standards of British households and the inequality of Britain, as they ebb and flow at different rates for different groups.

How important are each of these sources of household income growth? How have they changed over time, and what have recent trends meant for families up and down the country? What does this tell us about prospects for incomes and inequality in the future, and what should be done to shape that future?

At an event at its Westminster offices, the Resolution Foundation marked the launch of its annual Living Standards Audit with a speech by Shadow Chancellor John McDonnell MP, alongside a presentation of the report’s key findings. A panel of experts then discussed the strength and distribution of income growth across Britain, before taking part in an audience Q&A.