Will the 2015 Summer Budget improve living standards in 2020?
Since 2008, research on the Minimum Income Standard (MIS) has identified what different household types need for a minimum acceptable living standard, based on what goods and services members of the public say are needed. This study projects the disposable incomes of households on out-of-work benefits and minimum wages, comparing them with MIS between 2010 and 2020.
The report estimates:
- how far various types of non-working household will fall short of meeting a Minimum Income Standard in 2020, compared with 2010 and 2015;
- how the income of households where people work full-time on minimum wages will compare to this standard in 2020, compared with 2010 and 2015;
- the influence of public policy and inflation rates on these results.
Do you earn enough? A calculator lets you compare your income to MIS.