No growth in income for 14 years, warns IFS

The independent Institute for Fiscal Studies (IFS) says George Osborne's economic plans will mean a sharp drop in household income.

The think tank said real household income would fall by an average of 7.4% between 2009-10 and 2012-13.

IFS director Paul Johnson, said the median average income will be no higher in real terms in 2015-16 than in 2002-03.

  • Business