The combined impact of benefit cuts, employer national insurance rises, and consumption tax changes are felt evenly across the income distribution, with the poorest half facing a 0.8% income reduction.
By 2028, real wages are expected to have grown by just £13 a week over the past two decades, indicating a prolonged downturn in pay and living standards.
Public Sector Net Investment is set to average 2.6% of GDP over the forecast period, marking the highest five-year average since 1980-81, a significant increase in public investment.
Real household disposable income per person is projected to grow by only 0.5% a year on average across the parliament, representing the worst term for living standards under a Labour government.
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