Cost of living crisis to wipe £65bn from household finances

Grant Thornton and Retail Economics warned that even when inflation slows, the proportion households spend on food and energy will remain ‘significantly higher’ than two years ago

Inflation and the cost of living crisis are set to wipe £65bn from household finances across the UK, with real earnings not expected to return to growth until May 2024, according to a new report from Grant Thornton and Retail Economics.

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