We do not mean to even imply, let alone state, that all economic policy in 2020 was entirely and wholly wonderful. We would however insist that this is a pretty good outcome:

Half of British workers had a real-terms pay cut in the year to autumn 2020, despite official figures showing the fastest earnings growth in almost two decades, research by the Resolution Foundation suggests.

The thinktank said official figures on average weekly earnings had been “hugely disrupted” by the large number of workers furloughed, and that the headline rates were “too good to be true”.

Data showing average weekly earnings growth of 4.5% in late 2020 – its highest level since 2002 – did not reflect how pay packets had changed, it said, and was distorted by changes in the makeup of the workforce, with many in low-paid work losing jobs during the pandemic.

The foundation said its research indicated that the median annual pay rise was 0.6% last autumn, which once inflation was taken into account meant half of workers had experienced a 0.2% pay cut over 12 months.

It’s worth reminding ourselves that UK GDP fell 9.9% in 2020. Yes, we know that the year to autumn 2020 and the calendar year 2020 are not exactly the same time period.

GDP is, by definition, all incomes. So, we’ve a 10% drop in aggregate incomes and if the biggest complaint is that half of workers suffered a 0.2% pay fall then we’d regard that as something of a victory. The assumption must be that the fall in income was concentrated among the higher income groups.

It reminds us rather of George Monbiot’s reaction to Fukushima. Absolutely the worst possible disaster happened, three reactors melt down as a result of an earthquake and tsunami, and the number of deaths from the nuclear part of that accident seems to be zero. We should therefore conclude, with George, that nuclear has its merits.

We have the worst economic year for over three centuries and the complaint is a 0.2% fall in certain incomes? What the heck do we have to do to be able to declare a win here?