While Jeremy Hunt was keen to portray an optimistic picture of his autumn statement, bragging about tax cuts and how he was ‘growing the economy’, even though the facts show otherwise, new analysis has revealed just how bad it’s got for households under the Tories.
Analysis by the Resolution Foundation has revealed that this Parliament is set to be the worst on record for household income growth. The think tank found that incomes are projected to fall by 3.1 per cent from December 2019 to January 2025.
It said in its report: “That makes this the only Parliament that has seen an overall decline in real household incomes (the next worse being that of 2015-17, which saw growth of 1.0 per cent).”
The below chart illustrates just how bad this Parliament is for household income growth. So much for the Tories being the party of sound finances.
I don't think these numbers mean much unless they are compared with the global growth rates that were happening at the same time. We can't trade if there is no one else willing to trade. Global growth forecasts are currently suggesting 2028 might see a return to pre-pandemic UK living standards.
Truss clearly bungled the economy but I'm not convinced that Sunak is worse at managing the economy than Cameron or Major.
The figures are not showing any gains from the effects of Truss.