The Living standards in the UK has a taken a nosedive as the rise in cost of living takes a toll on people’s wages.
Reports indicate that household incomes would be lowered by 7 percent in coming years once rising prices continue to impact household incomes.
The number of people who are unemployed is also expected to rise by more than 500,000.
This came against the backdrop of Chancellor Jeremy Hunt announcement that the UK was already in recession and set to shrink further next year.
However, Hunt said his Autumn Statement – which unveiled 55 billion pounds of tax rises and spending cuts – would lead to a “shallower downturn” with fewer jobs lost.
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Edited by Jesus Chan
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