At last: Household incomes return to pre-crash levels

Statistics show that an average Briton now makes £461 a week in wages, pensions and benefits, close to 2007's levels of £463.

17:07 04 March 2015

George Osborne has said that Britain is now “in a better position” as   the household income that has finally back to pre-recession levels. The Chancellor claimed that by next year, income levels will be higher in real terms when compared to 2010-11.

A new study reveals that Britons now receive £461 a week in wages, pensions and benefits, which is just  £2 shy when compared to 2007 levels of £463.

Mr Osborne told BBC Radio 4's Today programme: 'Yes, this has been a difficult recovery because we had such a deep recession and it was a financial crash and it did enormous damage to the British economy.

'So we have been dealing with a particularly difficult economic challenge but, compared to most other Western countries, we have grown faster, we have created more jobs, we have got on top of our debts and our deficits.

'We are dealing with our country’s problems and, in the end, there are many, many more people in work than there were a few years ago, which I think is the greatest measure of success.

'Second, when you look at how incomes compare, incomes have reached their pre-crisis level. Actually, if you look at the rate of progress in the report today, if you look at incomes, they should be higher in 2015-16 than they were in 2010-11. So on that measure as well we will have made progress.'