This year seven million households will be affected, economists have predicted
UK households are suffering a “permanent” decline in living standards as wages lag behind double-digit inflation and families struggle to pay their bills, the National Institute of Economic and Social Research (NIESR) has warned.
According to a forecast by the UK’s oldest independent economic research institute released on Wednesday, 7 million households, which is the equivalent of one in four, will be unable to cover their energy and food bills once the government starts scaling back its subsidies program in April.
Energy prices remain high, while inflation is running above 10%, more than five times the Bank of England’s 2% target. NIESR said the target will not be reached until the second half of 2025.
Grocery inflation alone soared to a new record of 16.7% in the four weeks of January, taking the average annual food shopping bill in the UK to £5,504 ($6,781), up £788 ($974) from last year, according to the latest research by Kantar.
NIESR economists warn that middle-income households will be hit hardest by the cost-of-living crisis. While the poorest families receive additional state aid, the middle classes will face a decline of between 7% and 13% in their disposable income, or as much as £4,000 ($4,800).
“What we’ve seen is that the shocks that have come along have progressively made us poorer per person,” said NIESR director Jagjit Chadha.
https://www.rt.com/business/571187-uk-living-standards-permanent-decline/
Although the institute believes the UK will narrowly escape a recession, it predicts the country will see “anemic” growth of just 0.2% this year before GDP rises 1% in 2024 and 1.6% in 2025. For millions of households it “will certainly feel like a recession,” NIESR warned.
“This malaise seems to be affecting large parts of the advanced world but on many measures the UK looks as though it’s towards the bottom of performance and I think that’s a great concern,” said Chadha.
Earlier this month, the International Monetary Fund said that Britain will have the worst economic performance among other major industrialized nations, and will become the only G7 member to face a recession this year.
The US House Oversight Committee has published roughly 20,000 pages of documents from the sex offender’s estate
US Democrats have released an email in which convicted sex offender Jeffrey Epstein claimed that President Donald Trump was aware of women procured for sex trafficking.
The email is part of some 20,000 pages of documents from Epstein’s estate published by the US House Oversight Committee on Wednesday. The documents include correspondence between Epstein and his close associate Ghislaine Maxwell, who is currently serving a 20-year sentence for sex trafficking and related offenses.
In a 2011 email, Epstein wrote to Maxwell that a victim, whose name was redacted, “spent hours at my house with him,” referring to Trump. In a 2019 email to journalist Michael Wolff, Epstein said Trump “knew about the girls as he asked (Ghislaine) to stop.”
The documents show Epstein referenced Trump multiple times, calling him “borderline insane,” a “maniac,” and “f**king ...
US President Donald Trump has called on Israel’s president to pardon Prime Minister Benjamin Netanyahu in a move widely seen as political meddling in favor of an embattled ally, who is wanted by the International Criminal Court for war crimes and crimes against humanity.
Israel’s presidential office released a statement on Wednesday, confirming that Trump sent a letter to President Isaac Herzog urging him to dismiss Netanyahu’s legal case.
“I hereby call on you to fully pardon Benjamin Netanyahu, who has been a formidable and decisive War Time Prime Minister,” Trump wrote on social media.
Trump praised Netanyahu’s aggressive policies towards Iran as commendable, framing them as a justification for dismissing the corruption charges.
“While I absolutely respect the independence of the Israeli Justice System, and its requirements, I believe that this ‘case’ against Bibi, who has fought alongside me for a long time, including......more below
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Dozens of Israeli settlers have launched a wide-scale attack on industrial and agricultural facilities in the northeastern sector of the West Bank, sparking major fires and injuring several Palestinians amid a surge of settler violence in the occupied territory.
The official Palestinian news agency WAFA, citing local sources, reported that settlers set fire to multiple vehicles, including four trucks belonging to a dairy factory in al-Lada’in industrial zone near the town of Beit Lid east of Tulkarm, and caused damage to the facility itself.
Settlers also destroyed nearby farmland, metal sheds, and tents used by a small Bedouin community living in the area.
Videos posted online show smoke engulfing the area, with Palestinian women heard shouting in the background, and men carrying extinguishers and water buckets scrambling to put out the fires.
Footage shows torched trucks, tents, and metal sheds, and smashed car windows......more below
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