John McDonnell responds to IFS analysis that shows real wages will be no higher in 2022 than they were in 2007

John
McDonnell MP, Labour’s Shadow Chancellor, commenting on today’s analysis from the
Institute of Fiscal Studies (IFS) that shows real wages will be no higher in
2022 than they were in 2007, said:

“This
lost decade for living standards is a damning indictment of seven years of Tory
economic failure.

“Philip
Hammond attempted to present his failing and unfair Budget yesterday as a piece
of good news for the self-employed. Today’s analysis shows that the reality for
low income self-employed people is that changes to the tax and benefit system
will leave them worse off. In the words of the IFS, National Insurance changes
yesterday “are very small by comparison”.

“What
we saw yesterday was more failure and more unfairness. After a decade of no
real wage growth on top of Tory changes to the tax and benefit system, working
people are worse off and will continue to be for the foreseeable future.

“Only Labour will take the action needed
to end the Tories’ economic failure and introduce a Real Living Wage of £10 an
hour by 2020.“