Research by the Institute for Fiscal Studies (IFS) has found that the average household income is back at the level it was before the financial crisis.
Falling fresh food prices played a large role in the rise of average incomes, as did lower oil prices. However, the research showed that income for people of working age remained below their 2007-08 level, despite income for the over 60s rising.
Paul Johnson director of IFS said "It's astonishing actually that seven years later incomes are still no higher than they were pre-recession and indeed for working-age households they're still a bit below where they were pre-recession."
