UK faces biggest fall in spending power for 70 years - BBC News

People face biggest fall in spending power for 70 years as the surging cost of living eats into wages.

Living standards won't recover to pre-pandemic levels until 2027, says Office for Budget Responsibility.

Energy and food bills have shot up due to the war in Ukraine and pandemic, and are squeezing household budgets.

Chancellor Jeremy Hunt said the economy would shrink this year but avoid recession.