The Institute for Fiscal Studies says Britain is on course for the weakest decade for household income growth on record after Chancellor John Healey's first Budget, which the think tank judged unable to change the country's economic path. The IFS published its response on Oct. 28, a day before director Helen Miller took questions at a webinar.
The Telegraph reported that the IFS expects a typical family's disposable income to rise by an average of just 2% over the 2020s, the worst growth in records going back to the 1950s. The IFS called Healey's package "unhelpful fiddling," the paper said. Miller put it this way:
"This decade looks set to be the worst decade for growth in household incomes on record. No amount of temporary cost of living packages will fix that. We need a stronger economy."
Before the Budget, Miller had warned that "steady-as-you-go" budgeting was not an option and that it would be a choice to accept cuts to the quantity or quality of some public services.
Healey delivered the Budget on Oct. 28.
The Office for Budget Responsibility's figures show the headroom against his fiscal rule fell to £15 billion in 2029-30, from £23.6 billion at the M
