Today I am shocked to reveal the full scale of the cost of living crisis taking place under David Cameron and George Osborne.
Analysis of historical figures from the Office for National Statistics shows that David Cameron has been in Downing Street for 36 months of falling real wages – more than any other Prime Minister on record. And no other Prime Minister has seen so many consecutive months of falling real wages during their time in office, with average earnings £1,350 a year lower than they were at the time of the last General Election.
Prices have risen faster than wages in all but one month of David Cameron’s premiership – and that was in April 2013 when he cut taxes for millionaires and bank bonuses soared. No other Prime Minister since records began comes close to the disaster for living standards that David Cameron has overseen. And research shows that since 2010 wages have fallen in real terms in every region and nation of the UK.
Working people in the West Midlands are today an average of £1,550 worse off a year in real terms since David Cameron entered Downing Street. And official forecasts show just how much working people are set to be worse off after five years of this Conservative-led Government.
History will remember David Cameron as the Prime Minister who presided over the most disastrous and damaging fall in people’s living standards, and whose economic policies have left struggling working families massively out of pocket.
Official forecasts show that by 2015 working people will have lost an average of £6,660 under five years of the Coalition. And in this time queues at food banks will continue to lengthen, more payday loan companies will appear on our high streets charging extortionate interest for credit, and more people will find themselves on a zero hours contract. And as the rise in energy bills and rail fares continues to outstrip wages, let’s not forget that millionaires got a huge tax cut from this Government.
Far from never having had it so good, the reality is that many working people have never had it so bad. There needs to be proper help for middle and low income families right now, like a lower 10p starting rate of tax, action to tackle soaring energy bills and protecting tax credits for working families by reversing the millionaires’ tax cut.
You can download a copy of the document, “David Cameron is out of touch, you’re out of pocket” by clicking here.
