The Chancellor’s Autumn Statement provides little respite to Scottish households and businesses as we continue to tackle the consequences of the UK Government’s financial mismanagement and economic U-turns, plus the corrosive effects of soaring inflation.
While the Statement contains some positive announcements, such as the rise in benefits and pensions in line with inflation, they cannot hide the fact that most people will be worse off.
Indeed, the Office for Budget Responsibility forecasts that average household disposable incomes will fall by seven per cent in real terms – an unprecedented drop which, as the director of the Institute of Fiscal Studies has said, will take earning back to 2013 levels.
