John McDonnell MP, Labour’s Shadow Chancellor, commenting on today’s analysis from the Institute of Fiscal Studies (IFS) that real wages would remain below their 2008 levels until at least 2021, said: 

“This lost decade for living standards is unprecedented in modern British history and is a damning indictment of the total, abject failure of the Tories’ economic policy during their six wasted years in office. The so-called ‘long-term economic plan’ has meant long-term decline in living standards for working people even as the super-rich and the big corporations are given large tax giveaways.

“Chancellor Philip Hammond promised action in the Autumn Statement for those ‘just about managing’. Instead he has betrayed them by continuing to slash in-work benefits, failing to raise the ‘National Living Wage’ to the level promised, failing to deliver more funding for our NHS and social care and now he’s threatening pensioners with removing the ‘triple lock’.

“Labour has different priorities and will prepare our economy for Brexit. Instead of cutting taxes for the super-rich and giant corporations, we will make sure our NHS is properly funded, support the pensions ‘triple lock’, and introduce a Real Living Wage built on an economy that invests for the long-term so that no-one and no community is left behind.”