Higher energy prices will mean a fall in living standards for a typical UK household in the coming year, wiping out even the meagre income growth expected before the onset of the Iran war, according to new analysis.
The Resolution Foundation think-tank said in a report published on Monday that pricing in energy markets suggested the median working-age household would be £480 worse off over the financial year as a result of the conflict, with income falling 0.6 per cent rather than rising 0.9 per cent as previously expected, even after last week’s ceasefire.
“De-escalation is certainly welcome but damage to household finances this year is to a large degree already done,” said James Smith, chief economist at the Resolution Foundation.
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