Budget 2015: are people really better off now than they were in 2010?

Part of Chancellor's speech claims living standards have completely recovered over course of parliament but metric he is using is not so clean cut

In a sharp rebuttal to Labour accusations that living standards have been squeezed over the course of this parliament, George Osborne said the following during his budget speech:

"You can use the most up-to-date and comprehensive measure of living standards which is real household disposable income (RHDI) per capita. In other words, how much money families have to spend after inflation and tax.