The UK faces the longest decline in living standards’

EPA

The UK is said to be on course for its longest fall in living standards since records began over 60 years ago, the dissolution of the Foundation, a think tank.

Its post-Budget analysis says that the pressure on income is set longer than the one after the post-crash of 2008.

It says that the real disposable incomes are now in the fall for 19 consecutive quarters.

The think tank was critical of the abolition of stamp duty for many first-time buyers.

He said the £3bn that the measure would cost broke to a grant of £160,000 per extra house owners.

The Foundation said this meant, Chancellor Phillip Hammond would have just bought them, the people in General, cheap properties in about a quarter of the local authorities, or built around 140,000 homes.

In his Budget speech, Mr Hammond said that young people would benefit from the movement: “This is our plan, to the promises we have made to the next generation, which is the dream of home ownership a reality in this country.””Gloomy Backdrop’

The resolution of the Foundation’s main focus was on the growth downgrade, which it said will put the economy on course to be £42bn smaller in 2022 than previously expected.

On Wednesday, the independent Office for Budget Responsibility (OBR) cut its growth forecast sharply for 2017 of 2% to 1.5%, and the growth for the next five years forecast, in well under 2%.

The Foundation said that the tax and benefit policies have been set up, you put pressure on the standard of living and increased pressure on inequality, and would take a average of £715 away from the poorest third of the households in the year, while the £185 to the richest third of the

But he welcomed the measures taken by the government on Universal Credit. The Chancellor announced a £1.5 bn package to “concerns” about the delivery of the service, and promised to scrap these, the first seven-day waiting period for the processing of claims.

Torsten Bell, Director of the resolution Foundation, said: “Faced with a gloomy economic background, the Chancellor will see this Budget as a political success. But that would be a weak consolation for the British families, which, given the gloomy Outlook for the it colors for their standard of living.

“Hopefully, the OBR will provide forecasts as incorrect, because while the first sentence of the Budget is the document: “the United Kingdom of a bright future,” the brutal truth: not on these forecasts.”

One of the main topics income the slow pace of the increase in productivity, which has been revised, down from an average of 0.7% per year until 2023.

The Chancellor, Phillip Hammond, is trying to the productivity problem in Wednesday’s Budget due to the expansion of the National productivity Investment Fund (NPIF).

This was launched last year, additional investments in housing, infrastructure, and research and development. The Budget increases the size of the NPIF from £23 to £31bn.

He is also the increase in the research and development (R&D) expenditure credit, effective tax relief for companies, the R&D.

Mr Hammond, who is under pressure from sections of his party in the run-up to Wednesday’s speech won praise for his Budget of Tory simple Deputy. MPs told the BBC that it was “very solid”.