2010 – 2014: the worst five-year period for living standards since records began

2010 to 2014 was the only five-year period where real disposable household income per head fell

 

2010 to 2014 was the worst five-year period for living standards since records began half a century ago, according to new analysis from the TUC.

The analysis, published today, compared five-year averages of UK disposable household income per head with the averages for the preceding five years.

It found that 2010 to 2014 was the only five-year period since records began in 1960 during which real disposable household income per head fell rather than grew compared to the preceding five years (2005-09).

Surprisingly, even during the height of the financial crisis from 2008 to 2012 there was a rise of 1.5 per cent on the preceding five-years (2003-07).

The TUC said the figures were further evidence that the coalition’s austerity programme was more to blame for the loss of living standards than the financial crisis that preceded it.

“Living standards have suffered the worst slump in at least half a century, leaving workers paying a heavy price for the government’s bad choices over the last five years,” said TUC general secretary Frances O’Grady.

“Conservative plans for extreme austerity after the election risk killing off the recovery again,” she added. “It would be Groundhog Day for living standards, making families worse-off and cutting public services down to a stump.”

James Bloodworth is the editor of Left Foot Forward. Follow him on Twitter

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