Families will be hit hard by the impact of the Chancellor’s Autumn Statement, economists have warned.
An analysis by the Resolution Foundation found there will be a significant effect on family finances, highlighting lower earnings growth, higher inflation and ongoing welfare cuts.
The foundation has calculated that the £59 billion impact of Brexit (as calculated by the Office for Budget Responsibility) and the Chancellor’s decision to increase investment, will lead to £122 billion in extra borrowing.
The report finds that the increase in borrowing set out in the Autumn Statement is so high that national debt as a percentage of GDP is expected to be greater at the end of the current parliament than it was at the beginning.
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