http://www.dailymail.co.uk/news/article-1382884/The-new-Victorians-Families-face-biggest-cash-crunch-1870.html
It will be the first time since the 1870s that ‘real’ wages, the sum you earn after inflation has been taken into account, have fallen for four successive years.
He also predicted incomes will not return to their 2009 peak until 2015.
Mr Bootle said: ‘Mervyn King has called it the biggest squeeze on real pay since the 1920s – but the worst may be yet to come.
It will be the first time since the 1870s that ‘real’ wages, the sum you earn after inflation has been taken into account, have fallen for four successive years.
He also predicted incomes will not return to their 2009 peak until 2015.
Mr Bootle said: ‘Mervyn King has called it the biggest squeeze on real pay since the 1920s – but the worst may be yet to come.
‘The big picture is that pretty much all households face a further squeeze over the next year or two.
‘Consumers may therefore have little choice but to cut their spending.'
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