The Chancellor responded to the ONS’s UK Economic Accounts: October to December 2024, which shows the latest data on Real Household Disposable Income - the central measure for living standards.
The figures for Q4 2024 and Q3 2024 show that in Q4 2024 RHDI per capita rose by 1.5%, relative to Q3 2024. This is the fastest pace of quarterly growth since Q4 2022. RHDI per capita growth in Q3 2024 has been revised up to 0.5%, from a decline of 0.1%.
Chancellor of the Exchequer Rachel Reeves said: “Getting more money in working people's pockets is my number one mission.
“Living standards are growing at their fastest rate in two years, inflation fell this week and retail sales have improved. But there's more to do.
“By taking on the blockers to get Britain building, investing in our rail roads and energy infrastructure, and ripping up unnecessary regulation we'll kickstart growth and get more money into the pockets of working people.”
