A stark warning has been issued to millions of households. An independent think-tank says UK households could see a £3,000 drop in income as the cost of living crisis worsens.
Researcher Lalitha Try, from the The Resolution Foundation, explained: “Britain is already experiencing the biggest fall in real pay since 1977, and a tough winter looms as energy bills hit £500 a month". Continuing: "With high inflation likely to stay with us for much of next year, the outlook for living standards is frankly terrifying."
By 2023-2024 the 10% fall in mean disposable income "is likely to be the worst for at least a century" which is the same as £3,000 for average households.
