Sunday, January 16, 2022

Shrinking real incomes are a New Year’s nightmare for the chancellor

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TThere is little joy here for Chancellor Rishi Sunak as he seeks to tell a positive story about the UK economy in the coming year.

Wage growth is expected to remain below inflation through 2022, according to a forecast by the Resolution Foundation, an economic think tank that studies living standards. In his words: “The medium-term outlook for wages is uncertain, but far from rosy.”

The result: Families can face an extremely painful £1,200 in damage from April next year as taxes and energy prices rise.

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