U.K. Faces the longest drop in recorded living standards


The British were warned that they are on track for the longest drop in living standards since records began 60 years ago after the UK fiscal agency took control of its prospect of economic growth.

In an badysis of the latest Budget and corresponding report from the Office for Budgetary Accountability, the Resolution Foundation said on Thursday that the economy will be 42 billion pounds ($ 56 billion) smaller by 2022 than that the OBR predicted in March.

He also calculated that salaries will not return to their prefinancial crisis levels of 2007 until at least 2025 once inflation is taken into account. The average annual salary is projected to be 1,030 pounds less in 2022 than March forecasts and household disposable income will fall for 19 consecutive consecutive quarters without precedent between 2015 and 2020, according to the Resolution.

The badysis was reinforced by the Fiscal Institute According to studies, the OBR forecasts implied that the average earnings would be almost 1,400 pounds lower in 2021 than expected before the 2016 Brexit referendum and still below its 2008 level .

"We are in danger of losing not just one but two decades of earnings growth," IFS director Paul Johnson told a news conference in London.

& # 39; Grim Backdrop & # 39;

Source link

Leave a Reply

Your email address will not be published.