Today we got the first solid data about household incomes in 2017-18. Unfortunately, the figures today confirm fears that 2017-18 was not a great year for living standards progress. (Though note that the bigger sister to this release, which will give us even better data, especially on poverty, will be out at the end of March.) According to today’s stats, the median income fell by -0.1 per cent in 2017-18 after adjusting for inflation. This should not be too much of a surprise. Following the referendum, average consumer prices rose by 2.6 per cent in 2017-18 (using CPIH), while average earnings only increased by 2.4 per cent and working-age benefits were frozen.

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