Shocking chart shows just how badly incomes have been hit in the last five years under the Tories
A shocking chart has laid out just how badly household incomes have been hit in the last five years under the Tories.
Since the 2019 general election, real household disposable income has actually fallen by 1% during this time, a chart by the think tank Resolution Foundation, using ONS data, has shown.
Comparing the figure for each Government since 1955, the last five years represent the only recorded drop in household income per person over this period.
Resolution Foundation believes this will make up one of the key economic arguments for Labour throughout the general election campaign, with a focus on the decline in disposable income as a measure of just how bad the Conservative economic record has been.
The second slowest growth period recorded in the last 68 years was between 2015-2017, with the graph a devastating reminder of just how hard households have been hit in the last decade.
Of significance will be the next ONS figures for family income in early 2024, set to be announced on Friday 28 June. The Resolution Foundation predicts this will matter politically ahead of the election, although, “the substance won’t change: our incomes have stagnated over five long years.”
(Image credit: Creative commons)
Hannah Davenport is news reporter at Left Foot Forward
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