Expect stagnant wages until 2023 if Tories win : Morning Star

Forecasts show poor will suffer if there’s no change in economic policy


FIVE YEARS of income stagnation and widening inequality are on the table if Tory policies continue, the Institute for Fiscal Studies (IFS) think tank forecasted yesterday.

An IFS report projected a “spectacularly poor” period for incomes over five years, with no real-terms growth over the next two years, and only “modest” improvements in the following three.

Wages and benefits in 2021- 22 will be more than 15 per cent below what would have been expected if growth rates had continued after the 2008 bankers’ crash, it calculated. That equates to a loss of £5,000 a year for the average household.

Such stagnation would put incomes further behind trend than they have been for at least 60 years, the IFS report added.

Any increases in income will be enjoyed mostly by the rich, with the top 20 per cent of households projected to receive an overall boost of around 5-7 per cent over the next five years.

At the same time, the bottom 20 per cent is projected to be worse off, largely due to benefit cuts.

The report also predicted a rise in absolute child poverty, taking it back to the levels of the early 2000s.

READ MORE : MORNING STAR

Advertisements

2 Comments

  1. A Conservative councillor in Mhari Blacks constituency.

    I’m not joking, any bookie in Scotland would give you a thousand (even more) to one odds for that to happen, even put on a quid and ask for a million to one odds on a Tory councillor in Feegie park (Or Shettleston) at any bookie and I wouldn’t be surprised if the bookie said STEP RIGHT UP SIR, WOULD YOU LIKE A CUP OF TEA AND A SLICE OF CAKE WHILE YOU WAIT FOR THE RESULT TO COME IN ?. Have a seat Sir, how are you fixed for smokes ?, would you like a beer or a wee toke of hash instead while you wait ?.

    It’s akin to a Jewish neighbourhood in Germany all voting en-masse for Adolf Hitler to return as chancellor.

    It just shows how sly the Tories really are, going door to door and telling the most outrageous lies whilst preying at the avenues and alleyways of the vulnerable.

    Liked by 1 person

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s