This morning, the Office of National Statistics (ONS) released its “Analysis of real earnings: January 2018”.

Those statistics showed that our earnings in real terms – levels adjusted for inflation – are significantly lower than they were in 2010 before the Tories entered Downing Street.

Real-terms wages in 2010 were already depressed, after years of the effects of the financial crash, compared to pre-crash levels:

The same applies even when bonuses – which in any case are likely to benefit higher earners – are factored in:

In almost eight years of Tory or Tory-led government, the Conservatives have not even brought us back to being as well-off as we were in the throes of the global financial implosion.

Comment:

Jeremy Corbyn’s Labour calls austerity ‘a political choice’. It’s also clearly failed in terms of its impact on ordinary men, women and children of this country. Real-terms wages are lower than they were – and low-paid, part-time and insecure work has proliferated.

When the Tories crow about their economic performance, the economy they’re creating is not benefiting the many.

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