This year 7 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 this year starting from April, after the government scales back its subsidies program. Energy pr
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