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Average take-home incomes fell in 2010-11 despite a modest recovery in the wider economy, as rising inflation and the delayed effects of the late 2000s recession acted to reduce living standards. Median household income fell by 3.1%, after accounting for inflation. This large fall follows surprising growth in median income during the years of the recession itself (2008-09 and 2009-10) when falling inflation and increases in benefits and tax credits supported household incomes in the face of rising unemployment.
This is one of the key findings from today’s annual Household Below Average Income (HBAI) report published by the Department for Work and Pensions. The data cover years up to and including 2010-11, the first full financial year following the late 2000s recession. Other key findings include:
View all IFS Press Releases in the series
Recent IFS Press Releases
New study recommends test scores should be age adjusted to ensure fair comparisons
New research published today provides fresh evidence on the extent to which their month of birth continues to affect individuals throughout their lives.
Public finance bulletin: April 2013
IFS analysis of this month's public finance figures.