The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

A woman stops to look in the window of a shop in London March 25, 2014. British inflation fell to its lowest in more than four years in February, easing pressure on Britons' living standards ahead of next year's election and dipping further below the Bank of England's 2 percent target.
A woman stops to look in the window of a shop in London March 25, 2014. British inflation fell to its lowest in more than four years in February, easing pressure on Britons' living standards ahead of next year's election and dipping further below the Bank of England's 2 percent target.
(Luke MacGregor/Reuters)

Austerity in the U.K.: Are tax cheats leading the recovery?

Britain has finally turned the corner – the rate of growth in average wages is exceeding the rise in the cost of living for the first time in six years. The good news, that people on average are becoming better off in money terms, came from Britain’s national statistical office with another pat on the back for the government. The rate of unemployment has fallen to 6.9 per cent, the lowest level for five years and below the original 7 per cent target at which Mark Carney, the governor of the Bank of England had said interest rates might need to be increased.