Living standards in the UK are at their lowest point ever.

Britons are facing the biggest decline in living standards since records began in the 1950s, and the highest taxes since WWII, as the economy grinds to a halt this year. The Office of Budget Responsibility (OBR) reported that real household disposable income will drop by 5.7% over the financial years 2022-23 and 2023-24, 1.4 percentage points less than forecast in November. This is due to a surge in energy and consumer goods prices, which has led to a historic fall in disposable incomes. Real living standards are still 0.4% lower than their pre-pandemic levels.