NEF analysis shows a fall in living standards for the lowest paid half of the population, and a big increase in incomes for the top 5% of earners. On this evidence, the point that austerity has never gone away is irrefutable. The government clearly has an interest in misleading the population on this point.
The government and its allies have launched a huge attack on living standards, accompanied by a major propaganda offensive that wages are rising sharply.
Within the group of advanced industrialised countries, the UK economy is set to be one of the most badly hit by the crisis. This relatively worse performance is entirely due to entirely policy choices.
The article below by Tom O’Leary provides an analysis of the recent Autumn Statement including the forecasts for growth and living standards that have been revised sharply lower by the Office of Budget Responsibility. A key point is that the OBR is clear: around 60 per cent of the cuts made to those forecasts are a result of the Brexit referendum vote. Brexit will make us poorer.
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