George Osborne MP
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George Osborne hails UK economy recovery 'milestone'

A return in average household incomes to pre-financial crisis levels is a "milestone" in the UK's economic recovery, the Chancellor has said.

Research by the Institute for Fiscal Studies (IFS) highlighted the return, but also showed income levels were still more than 2% below their 2009-10 peak.

Living standards have risen more slowly than in previous recessions, it found.

George Osborne told BBC Radio 4's Today programme that "inequality has fallen" but that "the job isn't done".

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