Party like it’s 2009: Living standards now higher than before the recession

Economic growth has finally trudged past our previous high point of seven years ago

Party champagne sparklers

Champagne, check. Canapés, check. Sparklers, check. Wonderful.

Throw down that Special Brew - it’s time to crack open the Dom Perignon. The standard of living in Britain has finally reached the same levels as before the global financial crisis.

Wages have regained all the lost ground of the wilderness years of 2009-2015, and average household incomes across the UK are now at the heady levels of £24,300, which surpasses the previous peak in 2009.

According to the research by think tank the Resolution Foundation, Britain is now back on track, however it warns that the growth that has got us to this point is set to slow right down.

Uncertain wage growth, combined with rising inflation and reduced welfare means that the think tank predicts we will see economic growth in the UK of just 1% a year.

Resolution Foundation chief economist Matthew Whittaker said: “The financial crisis led to one of the longest and deepest squeezes on household incomes in living memory. But the welcome recent backdrop of strong employment growth and ultra-low inflation has meant that typical household incomes have finally surpassed their previous peak.”

Maybe go easy on the champers for a while longer.

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