Several factors - including the pandemic and Russia's invasion of Ukraine - are conspiring to drive up inflation, drive down household consumption, and erode spending power.
Standards of living are set to fall, with those on the lowest incomes expected to be hard hitLiving standards in the UK are set for their largest drop on record thanks to a perfect storm of rising inflation, the economic hit of the pandemic and Russia’s invasion of Ukraine, the UK's fiscal watchdog has said.
According to the OBR, Russia's invasion of Ukraine has had"major repercussions for the global economy, whose recovery from the worst of the pandemic was already being buffeted by Omicron, supply bottlenecks, and rising inflation".
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