Recession to wipe out 8 years of rising living standards, Treasury watchdog warns

OBR sets scene for 2024 election, predicting ‘living standards fall 7 per cent over two years, wiping out eight years’ growth’

Rob Merrick
Deputy Political Editor
Thursday 17 November 2022 15:43 GMT
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Autumn Budget: Jeremy Hunt freezes tax allowances for two more years

The recession will leave Britons worse off by the next election than they were a decade earlier, the Treasury watchdog is warning after the autumn statement.

The Office for Budget Responsibility (OBR) concludes Jeremy Hunt’s £55bn package of spending cuts and tax hikes will succeed in getting rising government debt under control.

But it warns that even £100bn of spending – including holding down energy bills for a further year from April – only “cushions the blow of higher energy prices” in part.

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