Spending watchdog says squeezed wages and interest rate rises will wipe out past eight years of growth
The UK has fallen into a recession which will last more than a year and push half a million people out of work, according to a fresh forecast from the Office for Budget Responsibility (OBR).
There will be the biggest fall in living standards since records began with inflation “tipping the economy into a recession lasting just over a year”, the spending watchdog said.
