Living Standards, Poverty and Income Inequality in the UK

By John BristowNo Comments

This is an extract from the 2015 Annual Report produced by the Institute of fiscal Studies on Living Standards, Poverty and Income Inequality in the UK.

“Our first such report, in 2002, highlighted robust year-on-year growth in living standards and falling levels of poverty, while inequality was rising gradually. This latest report covers data up to and including 2013–14. The picture is strikingly different. Average incomes are edging up slowly again after falling sharply after the Great Recession. Income inequality has fallen back to levels last seen one or two decades ago, depending on the measure. Relative poverty is lower than before the recession, but that is because the poverty line fell in line with average incomes: in absolute terms, the poor did not tend to see falls in income of the magnitude experienced by those on middle and higher incomes, but their disposable incomes have at best been stable once their housing costs are properly accounted for. Important new themes have emerged, including increasing numbers in work alongside a deterioration of the financial position of working families, especially relative to pensioners.”

 

 

 

Economics
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