Anaemic personal income growth in the UK since 2005 has left many households “brutally exposed” to rising inflation and the cost of living crisis, according to a leading think-tank.
The Resolution Foundation concluded in a report published on Monday that real household disposable income growth for working-age families averaged just 0.7 per cent a year in the 15 years leading up to the Covid-19 pandemic, sharply down from the 2.3 per cent per year between 1961 and 2005.
The most vulnerable groups were families in rental accommodation, single parents and those with young children, whose incomes on the eve of the pandemic were all significantly lower than the recorded median.
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