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Stagnant UK living standards lay bare the challenge for Jeremy Hunt

UK living standards lag behind other industrialised countries since the financial crisis, with no improvement expected for 20 years. UK's lack of productivity growth compared to rest of G7 blamed for weak performance in GDP per capita, real wages and real household disposable income. Measures announ

March 19, 2023 . 12:23 AM

1 min read

UK living standards still below pre-pandemic levels, with no improvement expected for 20 years.
Average UK real household income unchanged since 2007, while household income per capita across OECD increased 20%.
Low productivity growth compared to rest of G7 blamed for UK's weak performance in GDP per capita, real wages and real household disposable income.
UK's lack of productivity growth blamed on decline of financial services industry and stagnant business investment.
Measures announced by chancellor Jeremy Hunt in his Budget unlikely to significantly boost UK living standards.