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UK living standards to drop at steepest rate since WW2 on Moscow energy supply fears

The surge in energy prices triggered by the Russia-Ukraine conflict will drive inflation beyond eight per cent, generating the worst squeeze on household living standards since the second world war.

UK living standards to drop at steepest rate since WW2 on Moscow energy supply fears
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Sustained elevated prices for oil and gas will heap an additional 1.5 percentage points on to the cost of living, resulting in a 2.2 per cent erosion in Brits’ real disposable income this year, according to calculations by Samuel Tombs, chief UK economist at Pantheon Macroeconomics.

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