ONS says median disposable income remains lower than in 2008, with poorest fifth paying disproportionately more of their income in taxes than richest fifth
British households are still £500 a year worse off than before the financial crisis in 2008, according to new official figures which underscore the long-term damage inflicted on families’ finances by the deep recession and lacklustre recovery.
In its annual assessment of households’ finances, the Office for National Statistics said that median disposable – ie after tax – income increased to £24,500 in 2013-14, but still remained £500 a year lower than in 2007-08 once inflation was taken into account.
