Millions of UK families ‘worse off’ than 15 years ago

Millions of UK families ‘worse off’ than 15 years ago, by Kamal Ahmed at the BBC.

Millions of “just about managing” families are no better off today than those in 2003, new research from the Resolution Foundation indicates.

The remarkable income stagnation for so many reveals that the economy has been failing to generate income for people over many years despite record levels of people in work.

In 2003, households on the lower half of incomes typically earnt £14,900.

In 2016/17 that figure had fallen to £14,800, the research shows.

Both figures are adjusted for inflation and housing costs. …

“We appear to have a picture of generalised stagnation for many, with lower income households actually going backwards,” the Resolution Foundation’s Living Standards Audit says.

Banks are doing great, and the finance industry.