The average household's income will fall by about £1,000 this year in response to inflation and the knock on effects of the war in Ukraine, a think tank has warned.
The Resolution Foundation said families are facing the biggest fall in incomes since the mid-1970s, as prices surge on top of a national insurance tax hike.
Many families are already expecting their monthly spend to go up when the energy price cap jumps in April, but the Foundation said the Ukraine conflict would push living costs even further as the prices of fuel and other goods surge.
