Living standards squeeze has hit young far harder than old

Whether you win or lose as average wages fluctuate depends on your income and how the government enacts further deficit cuts

Is it really over? The longest squeeze on living standards since Victorian times is finally at an end - on paper at least. Across the economy as a whole, average wage growth has overtaken inflation, meaning pay is rising in real terms.

But averages can mask wide differences in individuals' experience; and many in Britain will be asking themselves why they still feel no better off.