Resolution Foundation is predicting that Britain will be facing the “terrifying” prospect of the biggest squeeze in living standards for a century, a new report has warned. It seems that inflation is to put three million more in poverty in England.
An “unprecedented two-decade-long wage depression” looms as roaring inflation will wipe out years of anaemic wage growth by the middle of next year, the Resolution Foundation think tank predicts.
Meanwhile, Liz Truss has made a firm pledge of “no new taxes” if she becomes prime minister next week.
Ms Truss also specifically ruled out a new windfall tax on energy companies which are raking in massive profits because of the historic spike in gas prices.
And she promised that there will be no French-style energy rationing this winter when average domestic fuel prices are set to rise to an annual £3,459.
