Following the escalation of the west’s economic measures against Russia, these will cut UK living standards by £2,500 per person, lead to more persistent inflationary pressure and slow the economy to a standstill next year, economists say.
The Centre for Economics and Business Research consultancy said the prospect of living standards taking their biggest hit since records began in 1955.
“As a result of higher commodity prices, we estimate that disposable incomes will fall in 2022 by 4.8% with a further fall of 1.4% in 2023. The forecast fall in living standards this year is an estimated £71bn – which amounts to £2,553 per household. As a result, we estimate that disposable incomes will fall in 2022 by 4.8% with a further fall of 1.4% in 2023. The fall in 2022 is the largest since records started in 1955.”
I wonder what the cost of the war will be on the British oligarchs?
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