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.“
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