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09.11 - 19:21
Squeeze on UK incomes to last until late 2023, says OBR
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British households will remain worse off than before the pandemic until 2023 as rising inflation hits living standards, the Treasury’s economics watchdog has warned as Rishi Sunak sought to defend his budget.
Charlie Bean, a former Bank of England deputy governor and board member of the Office for Budget Responsibility, said that growth in household incomes, after taking account of inflation, would effectively stall over the next two years.
Answering questions from MPs on the Treasury committee on Tuesday, he said: “We don’t have real household disposable income getting above pre-pandemic levels until the back end of 2023, and it’s growing at a pretty mediocre rate from then on.”
The OBR issued forecasts alongside last week’s budget showing
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