Average household income is expected to fall a further £1,259 with larger price rises than expected until the end of 2025, according to new estimates.
Despite limited dependence onThe average UK household will experience a £2,553 drop in income this year, half of which is as a result of the invasion of Ukraine, according to the Centre for Economics and Business Research .at the supermarket and petrol pump.
If gas and electricity prices stay at the current levels, the Resolution Foundation predicts that the energy price cap next winter will be almost £1,000 higher than the elevated level set to be introduced in April .At first glance, it appears that the UK will easily be able to weather the economic fallout from the war as neither Russia nor Ukraine are big trading partners. In 2021, we exported more than six-times as much to the US as we did to Russia.
Even sectors without direct trade links will be hit by supply chain disruption and rising prices if they depend heavily on Russian and Ukrainian production of inputs. But he adds that this disruption is"nothing" compared to the ripple effect from rising energy prices.The latest data for January 2022 shows that the UK economy is now stronger than it was before the pandemic. But the war in Ukraine has blighted the outlook for growth.
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