Families face the worst decade for household income growth on record, worse even than the 1950s rationing years, IFS warns

Prime Minister Andy Burnham speaking to ITV News, with NatWest chief executive Paul Thwaite among those criticising Chancellor John Healey for lacking ambition on growth.

The freeze will also hand the Treasury an extra £71bn, with one in three London homes set to miss out on the Budget's £100 energy handout due to eligibility rules based on 1991 council tax bands.

IFS director Helen Miller said "no amount of temporary cost of living packages will fix that." Separate analysis by the Joseph Rowntree Foundation projects average annual disposable incomes will fall by £450 between April 2024 and April 2029.

Had incomes tracked their long-run average since 1961, households would be £5,000 BETTER OFF in 2029 than they were in 2024.

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