UK economic recovery may bypass low and middle earners

Millions of poor and middle income households may be bypassed by any economic recovery, a report says.UK economic recovery may bypass low and middle earnersThe Commission on Living Standards argues that their quality of life could stagnate for the next decade, ending no higher in 2020 than they were in 2000.

The group blames this prospect on the demise of administrative and manufacturing jobs in the UK economy.

It warns that high unemployment will continue to depress wages and calls for state subsidies to boost employment.

“On current trends the outlook for the bottom half of the working population is bleak even once growth returns,” the commission, brought together by the Resolution Foundation think tank says.

“This stagnation of living standards can be averted if action is taken.

“Success in boosting low pay, raising skills, and increasing female employment could see a typical middle income family better off by £1,600 (after inflation) a year by 2020,” the think tank adds.

The UK economy pulled out of recession, again, in the third quarter of this year.

But the economy’s annual output is still no higher than it was at the start of 2007, shortly before the start of the credit crunch, international banking crisis, and the consequent international recession.

The Commission’s members included economists, trade union leaders and employers.

December 11, 2012 · Home Based Jobs · Comments Closed
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