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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:
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Recent IFS Press Releases
Independent Scotland would face tougher long-run fiscal challenge than the UK as a whole
An independent Scotland would require a significant cut in spending or increase in taxes, over and above that already announced by the UK government, in order to put their long-term public finances onto a sustainable footing.
Since 2008 food spending fails to keep pace with rising food prices and nutritional quality of calories falls / Long term decline in calorie purchases despite increase in calories from eating out, snacks and soft drinks
These are the key headlines from two new pieces of research published by the Institute for Fiscal Studies and due to be presented today as part of the ESRC Festival of Social Science.