"In real terms"

What a wonderful expression that is, prime material for the politician. Buzz-words, politico-speke.

Perhaps it means contrary to public perception, counter-intuitively, the actual figures say we are better off.

Perhaps it means that the figures when seen through a series of mirrors, refracted through water, converted into spiritual vibrations by Mystic Meg and back into figures by a counting horse, show the real figures to be much improved on the other figures.

Real terms as opposed to imaginary terms?

S holds classes during the holidays, so I understand about imaginary terms. It's best to be headteacher in these cases, one doesn't have to do as much. Which just goes to show the difference between real and imaginary.