Mar 15, 2023
UK faces biggest fall in spending power for 70 years
The UK faces its biggest fall in spending power for 70 years as the surging cost of living eats into people's wages. The OBR looks at the government's tax and spending plans in the Budget and then predicts how the country will perform over the next five years. Previously it had expected the UK to fall into recession at the end of last year and continue to shrink all of this year. The chancellor has announced that the economy will avoid a "Technical recession" this year, but that doesn't mean we're out of the woods. The size of the economy - the value of everything we make and produce this year - is set to fall by about 0.2% according to the chancellor's figures.
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