Last July Andy Verity, BBC’s Money Watch expert, wrote…

“Here’s a thing – the recession made the average household better off. And the recovery has done the opposite – even before new tax rises and spending cuts come into play. That is the message from a ground-breaking new series from the BBC which asks what the recession and subsequent recovery have truly done to your wealth. …in terms of spending power, the average family was in fact £1080 a year better off.”