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Without the security of affordable housing, a stable job & adequate social security, it's hard to take risks, invest in your future or be productive at work. Rising living standards aren’t just a desirable by-product of growth, they're an essential ingredient to a strong economy.

A growing economy is good news, and today's growth figures are actually better than expected, even if below the average since 2000. More broadly, the government is running out of time to put direct support for living standards at the heart of its strategy for growth.

A very small fall in earnings in June 2025 on previous month - now just 0.2% up on Sept 2024, around an eighth of the growth in the same period last year.

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We now have the new MPR. It implies annual private sector wage growth of ~zero by Sept 25 compared to CPIH and ~zero by Dec 25 compared to CPI (and falling relative to CPIH). Not a good earnings backdrop to the Budget.

When coupled with above target rate inflation, falling vacancy numbers and rising unemployment, it how much shows the Chancellor needs to focus on tackling falling living standards there. See our previous analysis. (5/5).

Lack of earnings growth is deeply worrying and should trends continue and the budget be after 11 November (when September earnings data comes out), the latest picture may well show no earnings growth in the latest year. (4/5).

What did the May Monetary Policy Report say? The Bank doesn’t look at whole economy regular wages or CPIH inflation, and were too high on private sector earnings and too low on CPI inflation. They had both series falling over the next six months. (3/5).

Latest annual figures are flattered by positive earnings growth between May and September 2024. Why this stagnation? It’s due to higher inflation since September 2024, with non-inflation adjusted (nominal) earnings growth very similar over both periods. (2/5).

Ahead of tomorrow’s Monetary Policy Report, look at how real earnings have stagnated since September. They’re up just 0.3% between September 2024 and the latest May 2025 data, just a fifth of the growth over the same period in 2023-24. (1/5)

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Here's a related comment piece from @crspMatt given his insights on pension reform:

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See for the excellent @CommonsWorkPen report and for the latest Households Below a Minimum Income Standard report. (4/4).

The report says "a guiding principle should be [State Pension] provides the amount needed for a minimum, dignified, socially acceptable standard of living. The Government should set a strategy to reduce . the proportion of pensioners living below this level in future." (3/4).

As I told the committee, the proportion of pensioners not reaching MIS, which sets out what the public agree is needed for a minimum, dignified, socially acceptable standard of living, has actually gone up even faster than the main poverty measure. (2/4)

I was delighted to give evidence to this enquiry. As the video says "retirement should be dignified and not a struggle at the poverty line." @jrf_uk and @CRSP_LboroUni's Minimum Income Standard measures this. But what do the stats show? TL:DR it's not good news (1/4).