Professor John McHale:

I think that is why many people are not feeling it. There might have been quite a transformative effect on people who did not have jobs and now have jobs, but not that much has changed for those who were lucky enough to have been in employment throughout the period in question. People in the latter group are benefitting from small tax cuts, but there has been no huge change in their disposable incomes. It will take a number of years for wage growth to start catching up somewhat with the overall growth in the economy. People will begin to feel it more then. The big challenge is to keep that growth sustainable. I suppose that brings us back to the main point of the report, which is the need to ensure we do not put this at risk by making mistakes of the kind we might have made in the past.