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Chancellor of the Exchequer, George Osborne spoke about the latest report from the Institute for Fiscal Studies (IFS).

'We've reached a major milestone today in the British recovery...but it is not the end of the journey," said Mr Osborne.

Average household incomes are back to where they were before the financial crisis, according to the research.

However the think tank also found that incomes for working age people were still below their 2007-08 level, after adjusting for the impact of inflation.

Only over-60s will have higher incomes this year than 2007-08, the IFS report said.