Budget 2023: UK faces ‘disastrous decade’ for living standards as households set to be £4,200 poorer

The Independent says Britain faces a “disastrous decade” for living standards and high taxes following changes made in Jeremy Hunt’s Budget, a leading economic think tank has warned.

The Resolution Foundation said typical household disposable incomes on track to remain lower by the end of the 2027-28 than they were before the Covid crisis.

The think tank also taxes as a share of GDP are on track to hit a 70-year high of 37.7 per cent by then – equivalent to nearly an extra £4,200 for every household in the UK.