Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Stagnant Income Growth Leaves UK Households Struggling, Reports Resolution Foundation

by June 28, 2024
June 28, 2024
Stagnant Income Growth Leaves UK Households Struggling, Reports Resolution Foundation

Household incomes in the UK have experienced only marginal growth since 2010, according to a recent report from the Resolution Foundation.

The think tank’s analysis indicates that typical household disposable incomes have increased by just £140 annually, a total rise of 7% over 14 years, or an average of 0.5% per year.

This slow growth starkly contrasts with the 38% increase in disposable incomes seen in the 14 years leading up to 2010. The report highlights the impact of three major economic shocks—the 2008 financial crisis, the Covid-19 pandemic, and recent high inflation—on this stagnation.

Despite this overall sluggish performance, the Resolution Foundation noted that poorer households have seen more substantial income growth than their wealthier counterparts. This has been attributed to the UK’s robust employment market and specific cost-of-living payments made last year. However, these gains have been somewhat mitigated by regressive tax and benefits policies, resulting in a total income rise of 13% for the poorest households. In contrast, the richest households experienced a mere 2% increase in disposable incomes over the same period.

Economist Lalitha Try from the Resolution Foundation commented, “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.”

The think tank’s report, titled “Hard Times” and funded by the Nuffield Foundation, utilised data from the Department of Work and Pensions, along with jobs, pay, and housing cost information. The findings show a modest 3.6 percentage point drop in absolute poverty since 2010, compared to a 14 percentage point reduction in the previous 13 years. Additionally, while relative poverty levels have remained relatively stable over the past 14 years, there has been an increase in the number of children in large families living in poverty, contrasted with a decrease in those from smaller families.

The state of the economy, particularly the cost of living crisis affecting ordinary families, remains a pivotal issue in the forthcoming general election. The Conservative Party, in power since 2010, is under scrutiny for its economic track record amidst these challenges.

The Resolution Foundation’s findings underscore the complex landscape of income inequality and economic growth in the UK, highlighting the need for targeted policy interventions to support vulnerable households and foster more equitable income distribution.

Read more:
Stagnant Income Growth Leaves UK Households Struggling, Reports Resolution Foundation

0
FacebookTwitterGoogle +Pinterest
previous post
Amazon Sued for £2.7bn by UK Third-Party Sellers Over Anticompetitive Practices
next post
UK’s Energy Security at Risk Due to Political Policies, Warns Serica Energy

You may also like

Secrets of Success within the personalised gifting sector:...

July 17, 2024

UK government to spend £1.5m on marketing a...

March 11, 2024

Accountants urge Brits to fight taxman as penalties...

January 10, 2024

Channel 4 boss warns AI firms are ‘scraping...

April 1, 2025

How Can You Help Your Investments Weather the...

October 24, 2022

Twitter’s top advertisers leave en masse following Musk...

November 24, 2022

QNET Has Satisfied Customers in Over 100 Countries

October 21, 2023

Netflix turns to generative AI for visual effects...

July 18, 2025

Rise in pre-nup and post-nup agreements for farming...

March 20, 2025

Mini Budget: UK needs inclusive economic growth, not...

September 23, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • National Wealth Fund commits £200m to UK battery storage push

      August 28, 2025
    • XRP price prediction hits new highs, GMO Miner helps you earn $6,800 a day

      August 28, 2025
    • West End retailers lose £310m from VAT-free shopping ban in first half of year

      August 28, 2025
    • Dollar slips as Trump moves to sack Fed governor Lisa Cook in unprecedented clash over central bank independence

      August 28, 2025
    • CDC Director Susan Monarez refuses to be fired as other officials call it quits

      August 28, 2025
    • Bill Gates met with Trump to talk ‘importance of US global health programs and health research’: spox

      August 28, 2025

    Categories

    • Business (8,901)
    • Investing (2,246)
    • Politics (16,503)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved