Labour faces worst parliamentary term for living standards, think tank warns

The United Kingdom faces the worst parliamentary term for living standards in modern times, according to a report published by the Daily Mail on 8 October 2026. Analysis by the Joseph Rowntree Foundation estimated that family incomes are on track to drop significantly in real terms by the 2029-30 fiscal year compared to when Keir Starmer was elected as prime minister. [1]

The Daily Mail reported that family incomes are projected to be between £440 and £770 lower in real terms in 2029-30. This decline would exceed the previous record drop set during the two-year parliament from 2015 to 2017, marking the largest fall in records dating back to the 1960s. [1]

Andy Burnham has served as Prime Minister of the United Kingdom and Leader of the Labour Party since July 2026. He previously served as the Mayor of Greater Manchester from 2017 to 2026 before being elected as the Member of Parliament for Makerfield in June 2026. The Daily Mail noted that Burnham could face calling a general election at the end of this parliamentary term. [1][2]

The political system operates out of the Palace of Westminster in London, which serves as the meeting place for the Parliament of the United Kingdom. Parliament is made up of two legislative chambers, the House of Commons and the House of Lords, which are responsible for lawmaking and holding governments accountable. [3][4]