A report indicated a decline in the pace of improvement in the standard of living in Britain since the Conservative Party took office in the country in 2010, a period in which the financial conditions of families were affected by a series of local and international crises, according to what the German News Agency reported.
The Institute for Fiscal Studies estimated that the real disposable income of families grew by only 5.9% during the period 2010-2023, and this is much lower than the 30% growth that was expected if the trends witnessed in the previous half century continued, according to what the agency quoted Bloomberg.
Separately, the National Institute of Economic and Social Research found that the 7% decline in the standard of living during the current parliamentary session was the worst since records began, according to the same source.
During the post-financial crisis period, the developed countries of the world witnessed a stagnation in the standard of living, yet Britain suffered from one of the worst rises in inflation and was affected by many crises, including the country’s exit from the European Union (Brexit) and “disastrous” budget plans during the term of Prime Minister Liz Truss. Which she held the position for a short time.
The institute’s analysis indicates that the United Kingdom has witnessed a decline in gains related to the standard of living compared to the situation in other major countries.
Real estate prices rise
Meanwhile, economic data revealed that real estate prices in Britain rose last May, for the first time in 3 months, in an indication of market stability in the face of rising mortgage costs.
The British Building Society reported – yesterday, Friday – that the average cost of purchasing a property rose by 0.4% last month, after declining by the same percentage in the previous month.
The British real estate market witnessed a slowdown last year when the Bank of England (the central bank) raised interest rates to their highest rates in 16 years in an attempt to curb inflation.
But buyers returned cautiously to the markets in light of expectations of the end of monetary tightening, and anticipation of the start – again – of interest rate reduction measures.
