Quick! Think! What’s the defining economic event of the last 20 years?
Good, you have now noted more than the Resolution Foundation manages:
Young adults in the east Midlands have seen their living standards fall the furthest behind the previous generation when compared with their peers elsewhere in Britain, according to a study. At a time when millennials across the country are experiencing lacklustre gains in living standards compared with the generation before them, the Resolution Foundation said the region that includes Nottingham and Leicester had seen the biggest shortfall in earnings growth. The thinktank said those in the region aged between 26 and 28 were earning about 2.7% less, adjusted for inflation, than people of their age were earning in 2003. The analysis has found that generational progress on pay has been weak nationally, with those born in the late 1980s earning just 3% more at ages 26-28 than those born in the early 1970s at the same stage in life.
Quite, we’ve just had the biggest peacetime recession since the 1930s. Recessions mean living standards fall – that’s what they are.
So, what the Resolution Foundation has just noted is that Gordon Brown drove the economy off a cliff in 2008. Well done there, others of us managed to note this a little earlier.