No pocket money: PM to oversee worst disposable income growth in 70 years

The current Tory government will oversee the worst rate of disposable household income growth out of any parliament over the last seven decades.

Brits’ will only receive a 0.5 per cent jump in their real incomes under Boris Johnson’s government, research by the economic think tank the Resolution Foundation has found.

A combination of severe economic shocks, such as the financial crisis and the Covid-19 pandemic, will put real income growth in a vice.

Over the course of the current parliament, which is scheduled to end in 2024, average annual household incomes will expand just 0.1 per cent, the Foundation said.

“The result of having so many crises in such quick succession, without any strong sustained growth periods, means that the 15 years from 2007 to 2022 are forecast to be the worst on record for household income growth,” Adam Corlett, principal economist at the Resolution Foundation, said.

More to follow.