But that was the term Paul Johnson, the head of the IFS, chose to describe the era of shrinking pay packets triggered by the financial crash of 2007-08. Real average earnings - pay packets adjusted for inflation - are expected to rise by 5% between now and 2021. Autumn statement: what the economists say Read moreSlower growth means higher borrowing to cover a bigger budget deficit. The IFS also wonders how long Hammond can resist the pressure for higher spending on the NHS and on social care. UK living standards squeeze 'will be worse than after global crash' Read moreThe IFS found less to complain about than usual.

Source: The Guardian November 24, 2016 18:06 UTC