Recent news about the UK economy has been a series of staggering highs and lows. The highs have often featured UK companies. Profits have reached record levels, as in turn have the indices that track the value of those companies’ shares, providing a bonanza for executives and shareholders alike.
The lows have featured British households. The cost of living crisis reflects the combination of higher prices for essentials with household incomes that are at best standing still. The Resolution Foundation reported in late 2022 that British workers were living through a two-decade wage stagnation.
