Report shows household incomes are struggling

Household incomes in the UK are struggling, a report says
Household incomes in the UK are struggling, a report says

UK household income growth has lagged behind other nations for the past eight years, with data showing Britain has the largest gap between economic expansion and pay.

Statistics released by the Organisation for Economic Co-operation and Development think tank reveal that the UK is the worst performer when tracking the lag between gross domestic product growth and real household income per capita since 2010.

It means that while the UK economy has expanded, household pay has failed to keep apace. The gap between GDP and household income per capita was 7.6 percentage points between 2010 and 2018. Between the fourth quarter of 2015 to 2018, it was 3.9 points.

It places the UK behind countries including France, Italy, Germany, the US and Canada. But OECD data for the first quarter of 2018, showed real household income per capita growth rose to 0.2 per cent.