Following the Autumn Statement new analysis from Plymouth Labour – based on research by the Resolution Foundation – reveals the staggering hit to living standards in the city over the past five years.
The average household is set to end this parliament £1,900 worse off than in 2019 thanks to low growth, stagnant wages, run-away inflation and the highest taxes in 70 years – across Plymouth that’s a combined total of £219.83m.
This is set to be the first parliament on record to see living standards fall. Real wages are forecast not to reach levels last seen in 2008 until 2028.
Publishing the figures Tudor Evans OBE, Plymouth Labour’s leader, said:
“Families in Plymouth can’t afford another five years of Conservative rule. Last week’s Autumn Statement was an admission of defeat and now the analysis is in – this is set to be the worst parliament for living standards since records began. Across Plymouth we are set to be a staggering £219.83m a year worse off than 2019. Real wages won’t hit 2008 levels for another five years.
“People in our city are doing everything they can to get through the Conservatives’ cost of living crisis – but this government is letting them down. After more than a decade of Tory rule all we have to show for it is low growth, stagnant wages, rising prices, the highest taxes in 70 years, record waiting lists, schools falling apart, and filth in our rivers. Our area is crying out for change.
“Labour has a plan to get this country moving again. Through our mission-led government we would get the economy growing, get our public services back on their feet and break down the barriers to opportunity for every child at every stage.”