During the election campaign, Theresa May lauded Britain’s “strong economy with the benefits felt by everyone across the country”. Well, the benefits weren’t felt by her in the ballot box and at least one reason is that the second part of her statement is untrue: the fruits of recovery have not been felt by everyone.

People who hold assets have become wealthier. Easy monetary conditions and near-zero interest rates have boosted the value of property, equities and bonds. Those who are dependent on income, in the form of interest or wages and salaries, have struggled. Real wages are lower than they were when we entered the financial crisis of 2007-09.

That differential casts doubt on the first part of the prime minister’s assessment too. The