FAMILIES face being £1,200 worse off next year as fears grow of a deep recession. The warning comes from a spending watchdog which warns people will feel poorer for years. It says tax cuts and slas…
The OBR said ministers have already spent 1.5 per cent of Britain’s GDP on measures to curb the cost of living crisis.debt set to run at more than 100 per cent of GDP by 2050, the government “would need taxes to rise, spending to fall, or a combination of both”., soaring energy prices and pressure on the nation’s finances “add up to a challenging outlook for this and future governments”.
The watchdog added: “Many threats remain, with rising inflation potentially tipping the economy into recession, continued uncertainty about our future trading relationship with the EU, a resurgence in Covid cases, a changing global climate and rising interest rates all continuing to hang over the fiscal outlook.”said: “The government is ensuring it continues to support people and the economy in the face of global pressures and uncertainty while reducing debt.
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