In this month's Autumn Statement, the Chancellor set out his proof
that his austerity plan is working. The economy is growing, the private
sector is creating millions of new jobs, the number of workless
households is at a 17-year low and the Government is set to raise more
revenue than it spends within the next five years. This is better
economic news than we have had for many years. But the question that is
dominating politics is whether any of this good news is being felt by
voters in their day-to-day lives. The answer to that depends on what is
happening to wages.
Since the recession, families have seen the gap grow between the price of essentials such as food and fuel and the pay they take home, making it harder than ever to make ends meet. The story of the past few years in Britain has been pay rises and living standards sacrificed in favour of employment, keeping more people in work than expected given the depth and length of the downturn.
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