Stormy clouds or brighter horizons? The UK’s uncertain outlook for living standards

The effects of Covid-19 and double-digit inflation may have faded, but the cost of living remains a top concern for families. Recent tax increases, coupled with rising utility bills and housing costs, are adding to the pressures that households face. The jobs market is loosening with unemployment rising and real-pay rises shrinking. And these domestic pressures sit aside global economic uncertainty that will inevitably impact families at home.

How has the outlook for living standards changed in light of recent events? What do these developments mean for the experiences of different households?  How might changes in the economic or policy outlook affect households, for better or for worse? And what policies would have the biggest impact for lower-income families?