Abstract
This chapter sets out how inequality and household incomes evolved in the UK in recent decades, and the extent to which different periods saw very different outcomes in that regard. The very sharp increase in inequality seen in the early/mid-1980s was followed by broad stability, but still meant that inequality has been at a substantially higher level since then than through the preceding decades. Substantial growth in real incomes was seen over the period from the mid-1980s to the mid-2000s, though fluctuating within those years, but wages and household incomes flatlined in the years coming up to the economic crisis and were significantly hit by it. Prospects for the future are even more concerning in light of recent price inflation, further cuts to working-age benefits in prospect, and the impact of Brexit.
| Original language | English |
|---|---|
| Title of host publication | Inequality and Inclusive Growth in Rich Countries |
| Subtitle of host publication | Shared Challenges and Contrasting Fortunes |
| Editors | Brian Nolan |
| Place of Publication | Oxford |
| Publisher | Oxford University Press |
| Chapter | 11 |
| ISBN (Print) | 9780198807032 |
| Publication status | Published - 2018 |
Keywords
- inequality
- living standards
- deindustrialisation
- squeezed middle income
- housing market
- working age benefits
- wage stagnation
- productivity
