The study found that average incomes grew by just 6 per cent from 2009-10 to 2022-23, a significant contrast to the expected 30 per cent growth before the 2008 financial collapse.
The report highlighted the slow reduction in absolute poverty, only 3.4% in 15 years, much slower compared to the speed under the last Labour government.
Despite disposable incomes returning to pre-pandemic levels, pay growth since 2008-09 has been very poor, with average pay only 3.5% higher than over a decade ago.
The IFS report mentioned that average earners pay significantly less in taxes now compared to 2010, a fact that aligns with the Conservative Party's focus on tax-related campaigning.
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