Nadhim Zahawi is downplaying the severity of a record fall in wages

Britain’s caretaker government appears reluctant to admit the scale of the cost of living crisis

Chancellor Nadhim Zahawi (PA) (PA Wire)

Real wages have fallen at their fastest pace on record and more pain is in store as the country heads into a long recession and average energy bills surpass £4,000 a year.

Yet the chancellor, Nadhim Zahawi, responded to this latest shocking economic news by seeking to downplay it.

Incomes are not just being squeezed they are being subjected to an all-out assault. Public sector workers in particular have been hammered by a huge pay cut in real terms.