Rachel Reeves received a boost with the Bank of England cutting interest rates to aid economic growth, benefiting businesses and mortgage holders. However, growth expectations were halved due to increased NHS spending in her Budget, leading to projections of rising inflation. Despite calls for her to do more for struggling businesses, Downing Street reiterated support for Reeves to remain Chancellor for the entirety of the Parliament.
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All UK families could see average living standards fall by 2030, forecast warns
The Joseph Rowntree Foundation forecasts that average living standards in the UK could fall by 2030, with low-income families being hit twice as hard as middle and high earners. The charity warns that upcoming spending cuts could further worsen the financial situation for ordinary families, potentially causing a 3% decrease in disposable income after housing costs for the average family and a 6% decrease for the lowest income families. The Labour government may struggle to...
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