UK economy faces "longest fall in living standards in 60 years"
The UK is on course for its longest fall in living standards since records began over 60 years ago, the Resolution Foundation think tank has said. Its post-Budget analysis says the squeeze on incomes is set to last longer than that which followed the post-2008 crash and warns real disposable incomes are now set to fall for 19 successive quarters. The forecast comes as the IFS warns that, if OBR predictions that average UK earnings in 2022 could still be less than in 2008 prove correct, the UK is “in danger of losing not just one but getting on for two decades of earnings growth.” The IFS also said it will take until the 2060s for the nation"s debt to return to pre-crisis levels - 40% of national income.
Source: The Times (24/11/2017)