Living standards for many Britons will continue to decline after Rishi Sunak’s budget, after a decade of austerity that saw average wages rise 40% lower than expected before the financial crash, a respected economic think tank found .

The Institute for Fiscal Studies said the Chancellor used Wednesday’s statement to reverse many of the cuts in government spending imposed by successive Tory-led administrations since 2010, in a package that owed more to Gordon Brown than to George Osborne.

But IFS director Paul Johnson said there would be little “well-being factor” for voters, with middle-income households facing a decline in their disposable income and living standards. others hardly increase at all.

Meanwhile, the unemployed without children – who have lost their universal credit boost payments of £ 20 per week but do not benefit from Mr Sunak’s £ 2 billion for low-paid job seekers – find themselves in a “precarious” situation, with no increase in unemployment benefits for half a century, leaving their standard of living “considerably lower than that of the majority of workers”.

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Ref: https://news-24.fr