13:15Here we go...Workers in Britain face the biggest squeeze on their pay for 70 years as a Brexit blow to the economy knocks wage growth and stokes inflationThat’s the official verdict from the Institute for Fiscal Studies’s analysis of the UK’s government’s latest tax and spending plans. Having picked over Philip Hammond’s autumn statement, the IFS said real wages in the UK - pay adjusted for inflation - will still be below their 2008 level in 2021. Paul Johnson, the thinktank’s director, says its the worst squeeze since the 1930s:“One cannot stress how dreadful that is - more than a decade without real earnings growth. We have certainly not seen a period remotely like it in the last 70 years.”This is the second dire warning of the day -- this morning, the Resolution Foundation warned that the living standards squeeze will actually worsen over the next five years.

Source: The Guardian November 24, 2016 08:16 UTC