03 Jul 2024
Think tank the Resolution Foundation has stated that household disposable incomes have grown at a slow pace since 2010 as a result of 'economic shocks'.
Typical household incomes rose by just £140 a year, according to analysis from the Resolution Foundation, which equates to a 7% rise in the amount people had left over after tax over the 14-year period.
In the 14 years up to 2010, household disposable incomes rose by 38%, the think tank said.
According to the Resolution Foundation, poorer households saw stronger income growth than richer ones.
Lalitha Try, Economist at the Resolution Foundation, said: 'While global economic shocks have been a major factor, Britain's recent record is poor compared to both its own history and many of our European neighbours.
'What little income growth Britain has experienced over the past 14 years has been driven primarily by rising employment, which has benefited poorer households the most.'