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In the News

Are we still worse off than in 2008?

Graham Watson

18th September 2019

The latest New Economics Foundation research offers an interesting take on the standard of living in the UK. It says that contrary to official statistics, the average Briton is still worse off in real terms than they were a decade ago.

It argues that the GDP deflator is a narrower measure of inflation than the CPI and thus it overlooks things such as housing costs and so forth, understating the impact of inflation on real incomes. As a result, it says we've overstated the extent of the post-financial crisis recovery.

Graham Watson

Graham Watson has taught Economics for over twenty years. He contributes to Tutor2U, reads voraciously and is interested in all aspects of Teaching and Learning.

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