Brits face sharpest fall in living standards on record as government tightens its belt
LONDON - Prime Minister Rishi Sunak congratulates Chancellor of the Exchequer Jeremy Hunt after he delivered his autumn statement to MPs in the House of Commons, announcing a host of tax rises and spending cuts in an effort to balance the country's finances. House of Commons/PA Images via Getty Images LONDON — As the U.K. government announces a £55 billion ($65.5 billion) program of tax hikes and spending cuts, the country faces its sharpest fall in living standards since records began. Alongside its confirmation that the country has entered a recession and GDP will contract by 1.4% in 2023, the independent Office for Budget Responsibility (OBR) on Thursday estimated that real household disposable income — a measure of living standards — is projected to fall by 4.3% in 2022-23. This would be the largest single-year decline since the Office for National Statistics (ONS) began recording in 1956-57, and will be followed by the second-largest fall of 2.8% the following year. The c...