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Household incomes in UK 'may return to 2005 levels'

Households in the UK may be facing the biggest drop in income for 30 years, a leading economic think tank has warned.

The Institute for Fiscal Studies said median take-home incomes had actually increased during the recent recession.

But the institute's analysis of latest government figures suggested it was "entirely possible" that median incomes dropped by 3% in 2010-11.

The policy group said such a fall would leave median income levels back where they were in 2005.

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Post Date: May 13th, 2011