Analysis by the Opposition showed working people are today an average of £1,350 worse off a year in real terms since David Cameron entered Downing Street.

It said that, after inflation, wages are forecast to be £1,520 lower in 2015 than in 2010.

Research commissioned by Labour also showed that since 2010 wages have fallen in real terms in every region and nation of the UK, with Yorkshire & the Humber, Wales, the North West and the South West seeing the biggest percentage falls.

Labour claims that over the last three years since this Government came to office prices have risen faster in the UK than in any other G7 country and no other G7 country has seen workers’ incomes in real terms fall by as much as the UK.

Chris Leslie MP, Labour’s Shadow Financial Secretary to the Treasury, said:

“David Cameron will go down in history as a disastrous Prime Minister for people’s living standards. He is totally out of touch, his economic policies have failed and the result is working families are massively out of pocket.

“By 2015, official forecasts show working people will have lost an average of £6,660 under five years of the Tories. Yet millionaires have got a huge tax cut from this Government.

“Far from never having it so good, many working people have never had it so bad.”