Resolution Foundation says real wages not expected to return to 2008 levels until 2027
- Biggest hit to living standards on record as Hunt lays out plans
- Autumn statement 2022: what it means for you
Jeremy Hunt’s autumn statement will mean Britain’s workers will miss out on pay rises worth £15,000 over the next five years as the chancellor’s tax-heavy budget pressures the nation’s “squeezed middle”.
Figures published alongside Jeremy Hunt’s autumn statement on Thursday by the Office for Budget Responsibility said the UK was in a recession that would wipe out eight years of growth, with British households set to face the biggest fall in living standards since records began.
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