UK faces worst drop in living standards since 1970s, economists warn
The Independent says the economic fallout from conflict in Ukraine will help trigger the biggest fall in living standards for Brits since the mid-1970s, according to the Resolution Foundation, a leading think tank.
Incomes are set to fall by 4 per cent in the financial year ahead – equivalent to an average of £1,000 per household – as the war in Ukraine adds to the existing cost-of-living crisis across the UK.
Inflation, the measure of price growth in the economy, could overtake 8.4 per cent this spring, marking the highest level since 1982, the Resolution Foundation’s analysis showed.
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