[1andrew1]

Originally Posted by Paul

Taking incomes down to 2013 levels ?
Dont really understand what that means ?
My income will still be higher than 9 years ago.
[ My expenditure will be higher though ]

Someone raised a similar point at a Sky News Q&A.

Can you explain how the 7% fall in disposable income talked about is made up?

Ian King, business presenter:

In a word, inflation. Rising prices.

As the OBR put it: "On a fiscal year basis, Real Household Disposable Income per person (a measure of living standards) falls by 4.3% in 2022-23, which would be the largest since ONS records began in 1956-57.

"That is followed by the second largest fall in 2023-24 at 2.8%."