TUC – fall in household disposable income shows claims of a wage-price-spiral are “nonsense”

• Median household disposable income falls by more than £800 in real-terms in 2021/22
• Figures also show a rise in income inequality

Commenting on figures published today (Tuesday) by the ONS, which show that median household disposable income fell by over £800 in real-terms last year, TUC General Secretary Paul Nowak said:

“It is nonsense to blame workers for stubborn inflation when household disposable incomes are in freefall.

“We urgently need a credible economic plan to boost growth, jobs and pay.

“But we are stuck in Tory doom loop that keeps making working people poorer.”

Highlighting the increase in income inequality, Paul added:

“Not everybody has suffered during this cost of living crisis.

“While millions of households have seen their living standards obliterated – those at the top have been largely insulated.

“With Porsche sales hitting record levels, it’s time we had a national conversation about taxing wealth and ensuring everyone pays their fair share.”