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U.K. Living Standards Post Biggest Drop Since 1970s Oil Crisis

  • Coronavirus crisis impact laid bare by Resolution Foundation
  • Further shocks to come as government withdraws income support
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Photographer: Simon Dawson/Bloomberg

U.K. households are experiencing the biggest income shock since the 1970s oil crisis, and the pain is far from over as the government prepares to withdraw the support deployed to help the country through the coronavirus crisis.

The stark assessment from the Resolution Foundation intensifies the pressure on Chancellor of the Exchequer Rishi Sunak, with forecasters warning of mass job cuts this year unless more help is made available beyond October when subsidies supporting the incomes of over 12 million workers are due to end.