In March 2017, the Institute for Fiscal Studies (IFS) reported that Britain was in the midst of the weakest growth in living standards for over 60 years, since records began.
Recently, in July 2017, the International Monetary Fund) (IMF) downgraded its annual growth forecast for the UK from 2% (estimated in April 2017) to 1.7%. In an interview on the subject, chancellor Philip Hammond acknowledged the 'modest' growth and explained that 'increasing productivity is how we get higher living standards'.
Perhaps increasing living standards is how we get higher productivity though?
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