Peter Dowd MP, Labour’s
Shadow Chief Secretary to the Treasury, commenting on today’s IFS
report, said:
“Today’s damning indictment
on the outlook for living standards is yet more evidence of the Tory
Government’s economic failure.
“The IFS concludes that ‘we
are in the middle of a historically weak period of growth in living standards’,
with median income set to be up to 16 percent lower in 2021-22 than it would
otherwise be if the Tory Government had continued long-run trend growth.
“With a dreadful record on
living standards, and inequality and poverty set to increase, it is clear that
after seven years of economic failure the Tory Government will continue to fail
working people.
“Only Labour will take
the action needed to end the Tories’ economic failure by introducing a Real
Living Wage of £10 an hour by 2020.”
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