Living standards squeeze continues in UK
Average UK living standards have fallen "dramatically" since the recession and will not reach pre-crisis levels by the next election, economists have said.04 March 2014
The Institute for Fiscal Studies (IFS) calculated that a mid-range household's income between 2013 and 2014 was 6% below its pre-crisis peak.
This was felt equally across high and low income groups when the cost of living was taken into account.
But those on low incomes could feel the squeeze more in the coming years.
This was the result of further cuts to benefits and tax credits, the IFS said.