Households in Britain could be facing the sharpest decline in real incomes since the 1970s, a think-tank has warned.
Real household incomes across Britain could fall by 4% for working age people in the financial year 2022 to 2023, marking the biggest squeeze since the mid-1970s, according to estimates in the Resolution Foundation’s Living Standards Outlook for 2022.
The real incomes drop would represent a fall of £1,000 per household for non-pensioners – a scale of decline which would normally be associated with recessions – according to researchers.
