IFS: Average private incomes fall over 7% in the three years to 2010-11
15 Jun 2012 11:31 AM
Average household pre-tax-and-benefit income fell over 7% between 2007-08 and 2010-11, after accounting for inflation, as rising unemployment and the recession took their toll. While average net income continued to rise during the years of the recession itself and did not fall until 2010-11, average private incomes started falling in 2008-09.
These are amongst the findings of a new report by Institute for Fiscal Studies researchers, Living Standards, Poverty and Inequality in the UK: 2012, funded by the Joseph Rowntree Foundation. The IFS research is based on the government’s Households Below Average Income data, an analysis of which was published yesterday by the Department for Work and Pensions.