U.K. Five Years Away From Pre-Crisis Living Standards, IFS Says

British people’s standard of living may take years to return to their pre-crisis level, with the poorest households remaining the most vulnerable to rising food and energy prices, the Institute for Fiscal Studies said.

The Office for Budget Responsibility forecasts that real earnings won’t return to their 2009-2010 level until 2018-2019. A report from the IFS published yesterday said cuts to benefits and tax credits will push down incomes further.