Living standards are set to plummet at a record rate over the next two years as galloping inflation hugely outstrips wages and tax thresholds are frozen, according to the Office for Budget Responsibility (OBR).
The Government’s independent fiscal watchdog said in its latest outlook document published after Jeremy Hunt’s Autumn Statement that real household disposable income per person will drop by more than seven per cent by 2024 wiping out a decade’s worth of gains.
