Saturday, 11 April 2015

IFS and the truth about Living Standards

The most recent figures from the Institute for Fiscal Studies, the independent think tank, show that average household incomes are back to pre-recession levels. And with wages forecast to grow faster than inflation this year, experts expect living standards to rise further in 2015.
The IFS is also clear that income inequality is lower than in 2010, when Labour were last in power, and that pensioner poverty is at record low levels.
It’s another major milestone for the economy and shows that our long-term economic plan is working and ensuring families are more financially secure.
But the plan isn’t finished and, as the IFS warn, our economy is more vulnerable if we don’t deal with our debts.
Labour have no plan other than more spending, more borrowing and more debt. That would mean chaos for the economy – and hardworking families would pay the price with higher taxes, falling living standards and a less secure future.
We can’t put the progress we’ve made as a country at risk by abandoning the plan that’s got us this far.