Household incomes on course to fall despite NI cuts, says thinktank

Resolution Foundation says this will be ‘first parliament in modern history to see a fall in living standards’

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Household incomes are on course to fall for the first time over the course of a parliament despite Jeremy Hunt’s national insurance cuts, the Resolution Foundation thinktank has said in its assessment of the chancellor’s budget.

Amid almost two decades of falling real wages, the foundation said that after adjusting for inflation, household disposable incomes were set to fall by 0.9% between 2019 and the end of 2024 – “the first parliament in modern history to see a fall in living standards”.