For those who take an interest in such things, here's the original report I oversaw at the Treasury back in 2009-10, which uncovered the problem we now know as the 'squeezed middle'

[embeddoc url="/sites/default/files/wp-content/uploads/2017/09/HMT-Final-draft-report-Squeezed-Middle.pdf" download="all" viewer="google"]

Today’s combination of hyper-loose monetary policy and tight fiscal policy means that the asset-rich get richer while the asset-and-income-poor get battered. If you’re lucky enough to own a house or shares or pension rights, you’ve done well since 2010: the stock market is up 40%; house prices are up by over a quarter; and the ‘triple lock’ on pensions in the UK will have channelled more than £33 billion extra to those with pension rights by 2020. Yet those on tax credits have seen their incomes fall precipitously while, of course, benefiting not at all from asset-price inflation; needless to say, they have little if any pension rights to protect.

Too many hard Brexiters know they have peddled false hope and oversold their case. The price of trading in the EU on World Trade Organization rules — the alternative to a deal on a new EU free-trade agreement — is giant, perhaps as high as £58bn, or £884 per person, according to analysis by the Institute for Fiscal Studies (see paragraph 152). We cannot have a border constructed on dogma — that would strangle our trade to death.

One of the most exciting fronts in Labour’s renewal is the burgeoning debate about Englishness. Thanks to the work of politicians like John Denham and Jon Cruddas and thinkers like Jonathan Rutherford and Sunder Katwala, there is now an excellent line of argument pointing the way to how Labour re-attaches itself to a history, ideas, and a wellspring of inspiration that got lost somewhere in the new Labour days.

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