IFS says squeeze in living standards has probably come to a halt

The Institute for Fiscal Studies says that the living standards squeeze has now ‘probably come to a halt’.
As the Institute for Fiscal Studies make clear, Labour’s Great Recession – the worst in a century – has ‘had a large impact’ on hardworking families’ living standards. And while times are still tough for many people, it’s welcome that the IFS say the fall in incomes has now ‘probably come to a halt’.
 
Let's not pretend that things are easy. We still have to cut the defecit, cut debt, get more people into work, and get into a postion to start building up real incomes. But at last we can credibly say that the economy is moving in the right direction.
 
To secure a better future for Britain, we have put in a place a long-term economic plan – cutting the deficit, cutting taxes, creating jobs, capping welfare and delivering the best schools and skills young people need to get on. As we cut the deficit, the IFS have confirmed that the richest households are contributing the most.
Only by continuing to work through our long-term plan will we ensure a more financially secure future for hardworking people, their children and grandchildren. But if we abandon this plan and go back to Labour’s policy of spending more, borrowing more and taxing more – that would put the recovery, jobs and the British people’s future security at risk.

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