It must be really annoying working for somewhere like the Resolution Foundation . One is tasked with producing an everlasting series of reports insisting that we’re all being done down by Capitalism, Neoliberalism and The Man. Only to find that the numbers don’t actually work that way. Today’s shocker is about how inequality continues to increase. Showing, again, how we’re all being done down by The Man, Neoliberalism, Capitalism and no doubt Austerity too. Except, you know, that’s not really what the numbers are showing:
Britain’s poorest 30% of households saw an end to their post financial crash recovery last year as inflation and cuts to in-work benefits outweighed wage rises to leave them as much as £150 worse off.
The Resolution Foundation, an independent thinktank, said its audit of income and poverty levels for 2017-2018 found that income growth slowed for all households last year.
However, the lowest 30% of households found their incomes going backwards by between £50 and £150, widening the gap with middle and higher-income earners, who saw a modest rise in their living standards once benefit changes were taken into account.
That’s annual incomes there. Meaning that in percentage terms:
The thinktank said the drop in incomes for the poorest was modest at 0.3% but the impact was greater after a weak recovery in wages over the previous decade. A typical middle-income household saw a rise of only 0.9%,
At these sorts of levels, looking at the population, this is a rounding error. 0.3%? We’re talking about perhaps the impact of a change in booze and tabs taxes, that sort of level. And if this is that oppression of the poor by the system then we’ve really not much to worry about, do we?