U.K. Faces Longest Fall in Living Standards on Record
- Budget forecasts show incomes falling every quarter to 2020
- Hammond blames poor productivity growth for stagnant wages
U.K.'s Hammond Says Growth Outlook Has Deteriorated
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Britons were warned they are on course for the longest fall in living standards since records began 60 years ago after the U.K.’s fiscal watchdog took the ax to its outlook for economic growth.
In an analysis of the government’s latest budget and accompanying report by the Office for Budget Responsibility, the Resolution Foundation said on Thursday that the economy is set to be 42 billion pounds ($56 billion) smaller in 2022 than the OBR predicted in March.