Wednesday, December 8, 2021

Britain is getting poorer under Sunak’s watch, despite its sunny optimism

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R.ishi Sunak is sleek, astute and as impressive a salesman as British politics has seen for quite some time. This helps protect his party from an uncomfortable reality: he leads the weakest income growth ever. That is real disposable income growth, adjusted for inflation.

At the end of the current parliament, he could even have fallen, which has not happened since 1955. It was then that the records were kept for the first time. So they do not cover either the Depression of the 1930s or the events of World War II.

The latest forecasts by the Office for Budget Responsibility (OBR) assume that real household disposable income (RHDI) rose by a meager 0.5 percent between late 2019 and mid-2024, when the next elections are due.

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