British household income back to pre-crisis level: report

Britain's Institute for Fiscal Studies (IFS) said Wednesday that its new projection suggests the country's median household income from April 2014 to 2015 is at around the same level as it was in 2007 to 2008, before the financial crisis.

The recovery in Britons' living standards, a trend which began in 2011, has been "much slower" than those after the three previous recessions, with median income growing by less than 2 percent from 2011 until now, said the public fiscal think tank in a report.

Though the household income has already surpassed the pre-crisis level, it is still more than 2 percent below its 2009 to 2010 peak, noted IFS.

Other key finds of IFS's report include: Household consumption is still below pre-crisis levels;Falls in income have been larger for higher-income households, however, low-income households have faced higher inflation.

According to the report, incomes for those of working age, especially for young adults, remain below pre-crisis levels, while the median income among those aged 60 and over is projected to have risen by 1.8 percent since the 2007 to 2008 period.

Andrew Hood, a research economist at IFS and an author of the report summarized: "The young have done much worse than the old, those on higher incomes somewhat worse than those on lower incomes, and those with children better than those without." Endit