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Families are facing the biggest fall in income since 1970s
Posted By kurtnimmo On October 12, 2011 @ 5:54 am In Global Crisis | Comments Disabled
Kirsty Walker and Becky Barrow
October 12, 2011
Middle-income families are suffering an ‘unprecedented collapse’ in living standards as inflation and poor wages wipe thousands off incomes.
On the eve of the release of the worst unemployment figures for 17 years, the Institute for Fiscal Studies found families are about to endure their biggest income drop since the 1970s.
This means a typical couple with two children is likely to be £2,080 worse off in 2013 terms than they were last year as their real income falls from £30,056 to £27,976.
It revealed median incomes are set to fall by 7 per cent after inflation has been taken into account – the sharpest drop in 35 years.
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