The outlook for UK living standards will be “shocking” and “terrifying,” a think tank warns
Households in Britain will see their spending power slashed by an average of £3,000 ($3,471) by the end of next year, analysis from the Resolution Foundation think tank showed, as cited by The Guardian.
The study indicated that spiking energy bills would cut household incomes in the country by 10% and push an extra 3 million people into poverty.
The outlook for living standards was “shocking” and “terrifying,” the think tank warned, noting that without serious government support, the drop in the typical household’s income would be twice as severe as that in the global financial crisis and worse than the 8% drop that followed the oil price shock of the 1970s.
“No responsible government could accept such an outlook, so radical policy action is required to address it,” Resolution Foundation researcher Lalitha Try wrote, adding: “We are…
