UK gas prices fall; growth fears hit markets; pound sinks below $1.16 amid living standards squeeze – business live

Energy prices fall in UK and Europe; Resolution Foundation warns three million more people could be pulled into absolute poverty

• UK households' spending power to drop by 3,000, warns thinktank

Here are the main findings from Resolution Foundation's report into the UK's living standards crisis:

The report also shows how boosting productivity - a long term problem for the UK - would be much more beneficial for living standards than abolishing the increase in National Insurance rates, as Liz Truss has pledged.