Brits face sharpest fall in living standards on record

guno said:
Alongside confirmation that the country has entered a recession and GDP will contract by 1.4% in 2023, the Office for Budget Responsibility (OBR) on Thursday estimated that real household disposable income — a measure of living standards — is projected to fall by 4.3% in 2022-23.


The cumulative decline of 7.1% between 2021-22 and 2023-24 would reduce RHDI to its lowest point since 2013-14, erasing eight years of growth.


LONDON — As the U.K. government announces a £55 billion ($65.5 billion) program of tax hikes and spending cuts, the country faces its sharpest fall in living standards since records began.

Alongside its confirmation that the country has entered a recession and GDP will contract by 1.4% in 2023, the independent Office for Budget Responsibility (OBR) on Thursday estimated that real household disposable income — a measure of living standards — is projected to fall by 4.3% in 2022-23.

This would be the largest single-year decline since the Office for National Statistics (ONS) began recording in 1956-57, and will be followed by the second-largest fall of 2.8% the following year.

https://www.cnbc.com/2022/11/18/bri...n-record-as-government-tightens-its-belt.html
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Must be Biden's fault.
 
guno said:
Alongside confirmation that the country has entered a recession and GDP will contract by 1.4% in 2023, the Office for Budget Responsibility (OBR) on Thursday estimated that real household disposable income — a measure of living standards — is projected to fall by 4.3% in 2022-23.


The cumulative decline of 7.1% between 2021-22 and 2023-24 would reduce RHDI to its lowest point since 2013-14, erasing eight years of growth.


LONDON — As the U.K. government announces a £55 billion ($65.5 billion) program of tax hikes and spending cuts, the country faces its sharpest fall in living standards since records began.

Alongside its confirmation that the country has entered a recession and GDP will contract by 1.4% in 2023, the independent Office for Budget Responsibility (OBR) on Thursday estimated that real household disposable income — a measure of living standards — is projected to fall by 4.3% in 2022-23.

This would be the largest single-year decline since the Office for National Statistics (ONS) began recording in 1956-57, and will be followed by the second-largest fall of 2.8% the following year.

https://www.cnbc.com/2022/11/18/bri...n-record-as-government-tightens-its-belt.html
Click to expand...

Blame Biden. Or Hillary, or Obama. ;)
 
Into the Night said:
WRONG. They CAUSED a similar fate. It is DEMOCRATS that shut down the economy in this country, starting the economic depression here. Librerals did the same thing in the UK.
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Goldman Sachs is saying the recession will be mild and inflation is easing. Merry Christmas!
 
Primavera said:
.
If you donkeys were a bit smarter, you might want to consider how you'll be able to sell to a world that's in recession.
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Historically, America has done well in selling to a world in recession. Something about bad times makes people want the escapism of American culture.

More importantly, America is the biggest consumer economy, so we do not need the rest of the world as much as other countries do.
 
Walt said:
Historically, America has done well in selling to a world in recession. Something about bad times makes people want the escapism of American culture.

More importantly, America is the biggest consumer economy, so we do not need the rest of the world as much as other countries do.
Click to expand...

No.
 
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