There’s a crushing consensus that Britain’s economic stagnation is now inevitable

The Tory party has tried and failed to convince the public that they are better off these past few years. This should surprise no one. The spike in the tax burden, combined with the inflation crisis, has been felt by practically everyone. But unlike in America, no one can claim people are experiencing a “vibe-session”, where the data tells a much better story than the one people sense intuitively. In Britain, the numbers consistently back up the frustration. A damning report out from the Institute for Fiscal Studies (IFS) this week sums it up: the “past 15 years” have resulted in the “worst for income growth in generations” as old and young, rich and poor, have all taken a hit to their disposable income. The study reveals that your average Briton would be thousands of pounds better off had living standards risen at the same rate recorded in the 50 years leading up to this stretch of Conservative governments. Adjusted for inflation, the average single person with no children would have roughly £5,000 more disposable income today – had salaries continued to rise in line with the trend before the Covid-19 recession hit. Of course the pandemic is a major...

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