UK household income likely to fall by £2,000 a year, says thinktank

Resolution Foundation says UK only halfway through two-year cost of living crisis, with only very richest likely to see income rise in 2023-24

British households are only halfway through a two-year cost of living crisis, with average incomes likely to fall by more than 2,000, a leading thinktank has warned.

Typical disposable incomes for working-age family households are on track to fall by 3% in this financial year, and by 4% in the year to April 2024, according to the Resolution Foundation.