UK: Economist warns of 1970s style recession
Forecasts published as part of the autumn statement by Chancellor Jeremy Hunt suggest the country is facing some grim economic milestones. – Biggest drop in disposable income since records began The sharp rise in the cost of living means real household disposable income per person is forecast to drop by 4.3% in 2022/23: the largest fall in a single financial year since comparable records began in 1956/57. This is to be followed by a further drop of 2.8% in 2023/24, according to the Office for Budget Responsibility (OBR). It would be only the third time in modern history that the UK has seen back-to-back falls in living standards. Continue reading: https://www.standard.co.uk/news/politics/autumn-statement-jeremy-hunt-office-for-budget-responsibility-conservative-budget-b1040769.html Subscribe to the Evening Standard: https://bit.ly/Subscribe-to-Evening-Standard for latest breaking news from the UK, US and around the world, plus podcasts and features. Evening Standard on socials: Check out our full video catalog: https://www.youtube.com/c/LondonEveningStandard/videos Videos, daily editorial and more: https://www.standard.co.uk/ Like us on Facebook: https://www.fb.com/eveningstandard Follow us on Twitter: https://twitter.com/eveningstandard and Instagram: https://www.instagram.com/evening.standard
