Living standards set for largest drop since 1950s, says fiscal watchdog
Sky News says living standards in the UK are set for their largest drop on record thanks to a perfect storm of rising inflation, the economic hit of the pandemic and Russia’s invasion of Ukraine, the UK’s fiscal watchdog has said.
Wages are failing to keep up with rising prices, according to the Office for Budgetary Responsibility (OBR), as rapidly rising energy prices push inflation towards 9%, its highest level in 40 years.
According to the OBR, Russia’s invasion of Ukraine has had “major repercussions for the global economy, whose recovery from the worst of the pandemic was already being buffeted by Omicron, supply bottlenecks, and rising inflation”.
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