The current parliamentary term is on track to be the worst for living standards growth since at least the 1950s, the Resolution Foundation said.
Working-age households are set for a year of income stagnation in the run-up to the next general election, with the current parliamentary term on track to be the worst for living standards growth since at least the 1950s, according to a think tank.
The Bank of England’s interest rate rising cycle to quell inflation, which has led to cost jumps for borrowers, is thought likely to be approaching its end. Taking various trends and expectations together, the foundation’s analysis indicates that real disposable incomes for typical working-age households are set for zero growth in 2024-25, having fallen by 4% over the previous two years .
The think tank also noted some “big winners” during the election year, with a “savings boom” stemming from the sharp rise in interest rates. Households where people are aged 65 to 74 are expected to gain six times as much from the savings boom, on average, as those where people are aged 35 and under.
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