The chancellor faces a drastic choice between a sharp increase in spending or the worst drop in living standards for nearly half a century at his spring statement this month, the Institute for Fiscal Studies (IFS), an economic think-tank has warned.
Rishi Sunak will have to decide whether to “spend and borrow billions more, or allow a hit to household incomes bigger than at any time since at least the financial crisis and quite possibly since the 1970s”, the IFS said.
