British households still £500 a year worse off than before financial crisis
by Heather Stewart from on (#CS4R)
ONS says median disposable income remains lower than in 2008, with poorest fifth paying disproportionately more of their income in taxes than richest fifth
British households are still 500 a year worse off than before the financial crisis in 2008, according to new official figures which underscore the long-term damage inflicted on families' finances by the deep recession and lacklustre recovery.
In its annual assessment of households' finances, the Office for National Statistics said that median disposable - ie after tax - income increased to 24,500 in 2013-14, but still remained 500 a year lower than in 2007-08 once inflation was taken into account.
