Larry Elliott writing in the Guardian considers some of the contrasts with the decade following the Great Depression in the 1930s.

He claims that "for working age adults the lost decade since 2007 has been the equivalent of a Mark II Great Depression."

The narrow measure of living standards - real GDP per capita - should be considered alongside composite measures of well-being.

Economic well-being is a multi-dimensional concept. Some of the indicators used in assessing well-being include the following:

1. Real Gross Domestic Product per capita
2. Real Household Spending per head
3. Median Household Income
4. Household Net Wealth (i.e. value of assets – liabilities)
5. Unemployment rate and the employment rate
6. Financial situation of households + feeling of security