Coronavirus UK: 4.5% fall in working-age household incomes

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Coronavirus crisis triggers 4.5% fall in working-age household incomes – their worst drop since the 70s

By Daily Mail City & Finance Reporter

Published: | Updated:

The coronavirus crisis has triggered a 4.5% fall in working-age household incomes

Working-age households have suffered the worst income shock since mid-1970s, a think-tank has claimed

The coronavirus crisis has triggered a 4.5 per cent fall in typical working-age household incomes, the Resolution Foundation said.

The think-tank, which is focused on improving the living standards for those on low to middle incomes, calculated the fall by comparing the months leading up to the crisis with the situation in May this year.

According to its Living Standards Audit, this was the biggest short-term income drop since the oil crisis-induced inflation spikes of the mid-1970s.

Government support has cushioned the shock for millions of people, but the report warned further income shocks could be on the horizon if the Government proceeds with plans to withdraw the recent increase in Universal Credit.

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