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Cost of living: Warning UK faces biggest income squeeze in nearly 50 years

From bbc.co.uk

War in Ukraine will push up energy prices and see UK families squeezed even further, a think tank has warned. The Resolution Foundation forecasts that a typical household's income will fall by about £1,000 this year once the effect of inflation is accounted for. That would be the biggest real-terms fall in incomes since the mid-1970s, it added. A government spokesperson said it recognised the pressures households are facing. Many families were already expecting their monthly spend to go up when the energy price cap jumps in April, and National Insurance contributions rise. But in a new report, the Resolution ... (full story)

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