A new assessment from the Institute for Fiscal Studies lands on British households with a stark framing. Following the Budget, the IFS issued a warning that the current decade will likely see the weakest growth in household incomes since the 1950s.
The central issue in the IFS warning is the projection for the decade. The IFS describes this as the weakest growth in household incomes since the 1950s. This pace would leave British families facing significant challenges as prices and costs rise.
British families face the worst decade for household incomes on record, IFS warns after Budget https://t.co/D3HqquDu3R
The IFS warning is not only about the headline growth figure. The institute says the temporary support measures proposed by the government will not be sufficient to address the rising living costs.
The institute says the temporary support measures proposed by the government will not be sufficient to address the rising living costs.
Beyond the support measures, the IFS also criticized the government’s economic plans and budget proposals, suggesting that they are inadequate to tackle the current economic challenges. In the IFS view, the package does not provide enough to address the current economic situation.
Helen Miller of the IFS put the mood in blunt terms. She said this situation is disappointing. No temporary support package for living costs can resolve this problem. We need a stronger economy.
The statement ties the strands together: the disappointing growth outlook, the limits of temporary help, and the need for broader economic strength.