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Workers will be on average £1,733 cumulatively worse off by 2021 due to a double whammy of falling wage growth and high inflation, damning figures show.

Government forecasts have already predicted weak growth in real earnings and disposable incomes.

Now, bombshell House of Commons Library research shows average real earnings will be £1,733 lower cumulatively by the end of this Parliament.

According to Labour, that is some £140 a month less than the sum workers were forecast to take home in Chancellor Philip Hammond’s first Budget, in November 2016.

John McDonnell, Shadow Chancellor, said: “These figures are truly damning, and show working people are picking up the tab for Tories’ economic failure.

(Image: PA)

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"For many, £140 will be the difference between putting food on the table or heating their homes.”

Today it emerged UK inflation last month fell to 2.5%. Mel Stride, Financial Secretary to the Treasury, hailed this.

He said: “We want everyone to be able to keep more of what they earn.”

But his Shadow counterpart Peter Dowd MP warned: “Today’s inflation figures are still higher than the Bank of England’s target.”

The Commons Library research, for Labour, also showed the average disposable income – cash left after bills – will be down £1,134 a year by 2021.

And while the Chancellor last month said there were economic improvements, an accompanying Office for Budget Resp­onsibility report said: “Our forecast implies weak growth in real earnings and even weaker growth in real disposable incomes.”

The latter are expected to improve by 0.6% this year then drop in 2019 and 2020.