This is from a House of Lords Library paper on The UK Economy in the 1970s that was published a couple of years ago:
Despite the macroeconomic turbulence of the 1970s, annual GDP growth still averaged 2.7% and living standards rose significantly. Growth in real household disposable income (RHDI) per head was either low or negative for much of the decade, but grew rapidly in 1972–73 and 1978–79, leaving RHDI per head almost 30% in 1979 than it was in 1970. This was a greater increase than was experienced in either the decade before (the 1960s) or the decade that followed (the 1980s).
This enhancement in living standards was underpinned by strong wage settlements, with 1976 and 1977 the only years in the decade where wage growth did not outstrip inflation.
If you have taken your view of the decade from Dominic Sandbrook's What My Housemaster Told Me About the Seventies, you may be surprised by these figures.
