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Page last updated at 06:31 GMT, Friday, 13 May 2011 07:31 UK

Financial pain 'delayed rather than avoided'


Poverty fell during Labour's years in power but income inequality was at a record high, according to the Institute for Fiscal Studies.

The economic research institute is also warning that although average incomes actually increased through the recession the picture will soon be far less rosy, with the impact merely delayed.

Luke Sibieta, a senior research economist for the IFS, unpicks the findings.

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