Now we know for sure George Osborne’s economic plan has failed, even on its own account. For all the self-congratulation about credit-fuelled growth, the recession in wages goes on. Four years into the coalition, most people’s living standards are still falling. Last week it seemed as though pay might have finally overtaken prices. But yesterday’s figures showed that real earnings fell by 1.6% over the past year. That continues the longest drop, of seven consecutive years, since records began in Victorian times.
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