The Spring Statement is set to leave lower-income households £500 worse off, a new forecast by a thinktank has found.
Analysis by the Resolution Foundation has found that living standards are expected to fall over the next five years for the poorest half of households at a scale only exceeded by the early 1990s recession and the 2008 financial crash.
It comes after Chancellor Rachel Reeves announced further spending cuts to welfare and public services in yesterday’s Spring Statement, while defence spending is set to rise by 2.5 per cent by April 2027.
The Office for Budget Responsibility (OBR) halved its growth forecasts for 2025 from 2 per cent to 1 per cent – but predicted GDP growth each subsequent year until 2029.
But this was before US President Donald Trump revealed plans to target all car imports to the US with 25 per cent tariffs.
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Living standards to fall for poorer households – Resolution Foundation Sort: Newest first Oldest first March 27, 2025 7:51 amLiving standards to fall for poorer households – Resolution Foundation
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In our top story this morning, analysis by the Resolution Foundation has found that lower-income households are set to be £500 poorer due to benefits cuts and a weak economic outlook.
The thinktank’s analysis has found that living standards are expected to fall over the next five years for the poorest half of households at a scale only exceeded by the early 1990s recession and the 2008 financial crash.
It comes after Chancellor Rachel Reeves announced further spending cuts to welfare and public services in yesterday’s Spring Statement, while defence spending is set to rise by 2.5 per cent by April 2027.
She spoke hours before US President Donald Trump revealed plans to target all car imports to the US with 25 per cent tariffs.
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