
Brits are set for the biggest fall in living standards on record as inflation eats into household’s buying power and crimps economic growth, spending watchdog, the Office for Budget Responsibility (OBR) said on Wednesday.
The body, tasked with checking the chancellor’s maths, warned that inflation, the pace of price growth in the economy, will average 7.4 per cent over the next year and reach close to 9 per cent, a 40 year high, in October. Inflation already hit a new 30-year high in the 12-months to February, according to official figures.