“The result of a three-year inquiry by a group of the nation’s top academics, businesspeople and policymakers, the study warned that a generation of younger adults was being failed in particular – with 9 million having never worked in an economy with sustained average wage rises.”
This is the best summary I could come up with:
It said a living standards gap worth £8,300 had opened up between typical households in Britain and their average peers in Australia, Canada, France, Germany and the Netherlands, and blamed a “toxic combination” of low growth and high inequality.
The result of a three-year inquiry by a group of the nation’s top academics, businesspeople and policymakers, the study warned that a generation of younger adults was being failed in particular – with 9 million having never worked in an economy with sustained average wage rises.
However, he will caution that an incoming Labour administration would face “huge constraints” on increasing spending on public services with government finances left in a precarious state by years of lacklustre economic performance hitting the exchequer.
A spokesperson for the Treasury said the Office for Budget Responsibility was forecasting the autumn statement to deliver the “largest boost to potential growth on record”, after the chancellor sought to blunt the highest levels of taxation since the second world war with cuts to national insurance contributions and support for business investment.
Chaired by Minouche Shafik, a former Bank of England deputy governor, and Clive Cowdery, the insurance magnate and founder of the Resolution Foundation, the report warned that household incomes were not on track to reach the peak recorded before the cost of living crisis until 2027 at the earliest.
The report, funded by the Nuffield Foundation charity, said the country needed to focus on its services sector, prioritise public and private investment, expand Britain’s largest cities, and raise the number of opportunities for higher-quality jobs in every town.
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