Report

The Living Standards Outlook 2024

Think tank: Resolution Foundation

Author(s): Alex Clegg; Adam Corlett

August 29, 2024

This report from UK think tank the Resolution Foundation provides an assessment of incomes, poverty and inequality as things stand in 2024-25.

This is our sixth annual Living Standards Outlook. It provides an assessment of incomes, poverty and inequality as things stand in 2024-25, and projections up to 2029-30 using economic forecasts and policy assumptions inherited by the new Government. It also explores how three scenarios, based on an optimistic outcome for earnings growth and two illustrative social security policy packages, would impact the forecasts.

After what looks set to be the worst Parliament on record for income growth, the new Government came to power promising to kickstart economic growth as the first of its ‘five missions’, emphasising that this is the key to unlocking improvements in living standards. This is the right area to focus on as, prior to any new Government policy, the outlook for incomes is weak across the Parliament following a strong 2024-25.

And things are set to be even worse for poorer households, meaning poverty and inequality will likely rise without policy changes.