UK Household Incomes Stagnate with 7% Growth Since 2010

Resolution Foundation report highlights impact of economic shocks and policy decisions on living standards.

Typical household incomes rose by only £140 annually over 14 years, averaging 0.5% growth per year.
Economic shocks such as the 2008 financial crisis, Covid-19, and high inflation contributed to slow income growth.
Poorer households saw a 13% income rise due to cost-of-living payments and strong employment, while richer households saw only a 2% increase.
The UK's income growth lagged behind other European countries like the Netherlands, France, and Germany.
The number of higher rate taxpayers and pensioners paying income tax has significantly increased under current tax policies.