The Office for Budget Responsibility, the UK’s spending watchdog, says that living standards will fall by 7%, wiping out eight years’ worth of growth as the country falls into a recession. The OBR’s chief, Richard Hughes, says that government schemes to cap household energy bills will not stop the drop in living standards, and that the huge increase in energy prices leaves the UK ‘poorer’
- Worst fall in UK living standards since records began, says OBR
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