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British households will be £1,000 worse off next year, thinktank warns
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British households will be £1,000 worse off next year from a cost of living squeeze created by rising energy prices and shortages of workers and supplies caused by Covid and Brexit, a leading thinktank has warned.
The Resolution Foundation said higher levels of inflation would weigh down workers’ earnings next year, contributing to a hit to the average household income in Britain at a time when the government is cutting benefits and raising taxes.
It said the average household disposable income, after adjusting for inflation, would be about 2% lower by the end of 2022 relative to forecasts made in March by the Office for Budget Responsibility (OBR), before the surge in shop and energy bill prices.
Although the OBR had predicted that household
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