UK households face biggest fall in living standards since 1950s, say experts

Russian invasion of Ukraine could further hike global energy prices and cut real incomes by 3.1%, economists fear

UK households could suffer the biggest annual decline in their living standards since the 1950s as the Russian invasion of Ukraine pushes up global energy prices, experts have warned.

With inflation already at the highest rate for 30 years, analysts said a sustained rise for wholesale oil and gas markets would further add to the squeeze on families from soaring utility bills.