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US Q3 GDP comes in below forecast, stoking concerns about strength of the US economy
ECB keeps interest rates on hold, says inflation may temporarily remain above target
Paul Johnson, the director of the IFS, said the outlook for living standards jarred with the chancellor’s upbeat tone.
“Over the next several years a combination of tax increases and high inflation will mean very slow growth in living standards,” he said.
“High inflation, rising taxes, and poor growth, still undermined more by Brexit than by the pandemic, will see real living standards barely rising and, for many, falling over the next year.”
The thinktank said the chancellor’s plans came after a tough decade for households after weak levels of economic growth and austerity.
Here’s the rest of Richard Partington’s story about the IFS’s view of the budget:
Oil prices slump to a two-week low on rising US stocks and hopes for Iran talks