Living Standards to Fall

 Living standards in Britain are expected to fall at the fastest annual rate since the mid-1950s and will take until at least 2024 to return to pre-Covid levels, according to the government’s independent economic forecaster.

 Real household disposable incomes per person would fall by 2.2% in 2022-23 as earnings from work fail to keep pace with soaring inflation.

It said the fall would be the biggest in a single financial year since modern records began in 1956-57, and that it would take until 2024-25 for inflation-adjusted living standards to return to their pre-pandemic level.

The OBR said the damage for families would mean lower levels of consumer spending in the UK economy.