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Wednesday, March 30, 2011

Real Incomes Fall

The Office for National Statistics (ONS) reports that "real" incomes fell by 0.8% in 2010, from £14,181 per person to £13,980.

This is the first drop since 1981.

The fall, according to "experts", is due to salaries being eroded by inflation (something that the man in the street could have told the "experts" months ago).

The fall will add to the sense of gloom amongst consumers, and will inevitably hamper any possible growth in the economy.

However, as with all statistics provided by the ONS, these figures should be taken with a pinch of salt. Statistics from the ONS are always late, and invariably have to be adjusted some months after publication.

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