The fact our living standards are going down is essentially as a direct result of the fact our economy has slipped in the global race. Economies such as China have shot past us and other asian economies will do so too.
And why is this affecting us? Because they are now (esp China) demanding resources and pushing prices up as a result. For example, oil & gas. China alone needs a staggering amount each month to keep it's economy going, not to mention to grow. They are buying oil/gas wherever they can. As a result our bills go up as our firms must offer more money to compete.
Lots of rich foreigners are now snapping up properties in London, again pushing up prices. This is not just a UK phenomenon. I read recently about how mothers in China were driving up the cost of formula milk in Hong Kong by getting the stuff imported. They don't trust their own brands but do trust HK's.
The only reason we've not felt our living standards decline until now has pretty much been because our government's borrowed money so we could continue to import stuff and we didn't export nearly enough.
Coming back to the point. CTC/WTC/similar are not the long term answer to raising living standards. Trying to boost living standards for the majority in this way is futile. It's completely unaffordable.
What we need is to change our economy to compete again. And that essentially means lower company taxes. Easier for employers to hire/fire. Less rules/regs and to welcome big businesses as bringers of jobs not just call them tax avoiders and hate them because you think if they paid you'd get more in benefits.