#Budget2017: Stagnant earnings forecast ‘astonishing’
From BBC News: The prediction that average UK earnings in 2022 could still be less than in 2008 is “astonishing”, according to an independent economic think tank.
Paul Johnson, director of the politically independent Institute for Fiscal Studies, added that the economic forecasts published in the Budget made for “pretty grim reading”.
He highlighted that since 2014 growth in earnings has been “choked off”.
“We are in danger of losing not just one but getting on for two decades of earnings growth,” he said.
Analysis from Kamal Ahmed, BBC Economics Editor:
“What is the point of capitalism?
“That might seem like a pretty big question, but one answer could be ‘to provide people the opportunity through work to become richer’.
“What, though, if the economy fails in that endeavour?
“If the system leaves you – despite all your efforts – worse off in December than you were the previous January?
“Or worse off now than you were a decade ago?”