British wages face pre-crisis levels until 2022, according to IFS

The average income that UK workers contribute to their households can continue below pre-crisis levels in 2022, according to estimates disclosed today by the British Institute of Tax Studies (IFS).

London, Nov 23 (EFE). - The average income that the workers of the United Kingdom contribute to their homes can continue below the levels previous to the economic crisis in the year 2022, according to estimates released today by the British Institute of Fiscal Studies (IFS).

The director of the study center, Paul Johnson, stated in a intervention in London to assess the budget presented yesterday by the Government that the economic outlook of the country, which is preparing to leave the European Union (EU) in March 2019, they are "gloomy".

The average income of a worker in 2021 will be 1,400 pounds (1,568 euros) below the level that would have been reached if the British economy had followed suit. course he was taking in March 2016, before the referendum on "brexit" in June last year, Johnson said.

According to the British National Bureau of Statistics (ONS), Real income of British workers, taking into account inflation, fell by 0.5% in the three months preceding September, compared to the same period of the previous year. last year.

"We are in danger of losing not only one, but two decades of revenue growth," he warned the director of the IFS, who expressed his hope that his prospects "turn out to be too pessimistic".

Based on your calculations, the UK's national debt will not return to the levels prior to the 2008 financial crisis "until well past the decade of 2060. "

The British Minister of Economy, Philip Hammond, announced yesterday in the Parliament a reduction of half a point in his growth forecasts for this year, going from a estimate of 2% to 1.5%.

In 2018, the expected growth has gone from 1.6% predicted in March to 1.4%, while in 2019 and 2020, the Executive anticipates a begin to rise in 2021 and 2022, with growth of 1.5% and 1.6%, respectively.

The Resolution Foundation, another British independent think tank, said today, for its In the next few years, the standard of living in the United Kingdom faces its greatest pressure since the 1950s.

The experts of that institution consider the "catastrophic" downward forecasts of British growth which, according to his estimates, mean that the UK economy will have lost by 2022 about 42,000 million pounds (47,000 million of euros).

The analysis of the Resolution Foundation adds that productivity growth may fall by 0.1% at the end of 2017, marking the end of the worst decade since the period between 1802 and 1812 in relation to that metric in the United Kingdom.

"Projections indicate that families are in the early stages of the longest period of continuous falls in the income available in more than 60 years, even longer than the one that followed the economic crisis, "said the director of the institution, Torsten Bell.