The average British household income is expected to fall by 5.7% by 2024, Der Spiegel reports. This is the sharpest drop in living standards in Britain since 1957, the publication notes.
Although the outlook for the UK economy has been better than previously expected, British citizens are facing a significant drop in living standards, Der Spiegel writes. According to calculations by Britain’s Office for Budget Responsibility, Britons are now experiencing the biggest drop in living standards in 70 years.
Average British household incomes are expected to fall by 5.7% by 2024, Der Spiegel says. The last time such a fall was recorded in 1957. However, it is noted that the British economy has managed to avoid recession.
As for inflation, economists expect its gradual decline, writes Der Spiegel. In 2022, inflation in the UK reached 11.1%: it is expected that by the end of 2023 it will fall to 2.9%.
Last Wednesday the UK finance minister Jeremy Hunt announced that the country would not raise the tax on petroleum products yet, recalls Der Spiegel. In addition, the government has promised to extend the discount on petrol for one year: all this should ease the plight of motorists. At the same time, some have criticised the actions of the authorities, saying that the government could have invested the money in the badly deteriorating healthcare system.
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