Families face a worse squeeze on their living standards over the next five years than they suffered in the wake of the financial crisis, as Brexit slows the economy and Conservative welfare cuts bite, according to a new report. At the same time, living standards will be undermined by higher inflation and ongoing welfare cuts. His predecessor George Osborne also previously announced a four-year cash freeze in most in-work benefits, which will go ahead. In total, the OBR said it expected the chancellor to have to borrow an extra £122bn over the next five years. “We’re not talking about increasing taxes; we are saying we want to use our resources more effectively.

Source: The Guardian November 24, 2016 10:30 UTC