|Date:||16 March 2017|
|Authors:||Jonathan Cribb , Andrew Hood , Robert Joyce and Agnes Norris Keiller|
The Department for Work and Pensions (DWP) has today published the latest official statistics on household incomes, covering the financial year 2015–16. IFS researchers have summarised the headline trends observed in the new data and placed them in historical context in order to understand better changes in living standards in recent years.
The full analysis with graphics can be found here.
Key findings are:
Average household incomes
Agnes Norris Keiller, a Research Economist at IFS said:
“Growth in household incomes in 2015–16 was modest but widespread, continuing the pattern seen in recent years. The period since the recession has been defined not by sharp rises in inequality or poverty, but historically slow growth in average incomes – in 2015–16 average income for working-age adults was no higher than 8 years previously. Inequality and poverty actually remained slightly lower than before the financial crisis. However, large planned benefit cuts mean child poverty is likely to rise over the next few years.”