One cannot stress enough how dreadful this is

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This is one of the better summaries of the impact of Tory economic policy that I have seen:

[RT]he outlook for living standards has deteriorated rather sharply since March. The OBR is forecasting both lower nominal wage growth as a result of lower productivity, and higher inflation resulting from the exchange rate depreciation. Overall real average earnings are forecast to rise by less than 5% between now and 2021. That means they will be 3.7% lower in 2021 than was projected in March. To put it another way around half of the wage growth projected for the next five years back in March is not now projected to happen. On these projections real wages will, remarkably, still be below their 2008 levels in 2021. One cannot stress enough how dreadful that is — more than a decade without real earnings growth. We have certainly not seen a period remotely like it in the last 70 years.

And that's from Paul Johnson from the Institute for Fiscal Studies, speaking this lunchtime.

There seems little to add.

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