According to new data released by think tank the Resolution Foundation, a group focused on ‘improving living standards for people on low incomes’, fallout from the COVID-19 pandemic could well see the average pay packet cut by up to £1,200 a year by 2025.
The news, which comes just a day after Chancellor Rishi Sunak released the Government’s revised budget and warned that much more financial adversity was on the way for the UK, is symptomatic of a wider economic downturn which looks set to ‘squeeze’ living standards, the foundation stated.
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