The media pack is often blind to an impending political car-crash. For instance,
very few in Westminster, or the media, noticed the scrapping of the 10p tax band until the screech of twisting steel turned heads.
The same is happening now in relation to living standards. The media and political establishment are yet to wake up to the fact that working families in Britain are about to become poorer (though hat-tip to Allister Heath for being quick off the mark on this front).
The gathering wisdom is that, with the recession now behind us, household budgets will start to recover. We have just published a new report – Squeezed Britain – that paints a darker picture. Due to falling real wages, households on low-to-middle income will be £720 poorer in 2012 than they were in 2009. These aren’t people losing their jobs; they are just losing their purchasing power.
Get Britain's best politics newsletters
Register to get The Spectator's insight and opinion straight to your inbox. You can then read two free articles each week.
Already a subscriber? Log in
Comments
Join the debate for just $5 for 3 months
Be part of the conversation with other Spectator readers by getting your first three months for $5.
UNLOCK ACCESS Just $5 for 3 monthsAlready a subscriber? Log in