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.
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