UK Faces Squeeze on Living Standards Despite Tax Cuts
• UK living standards set to fall by 1.5% in 2024 despite tax cuts, marking first election-year decline since 1974 • Households face average loss of £1,900 in disposable income between 2019 election and 2025 • Think tanks warn squeeze on public services likely despite rises in overall spending • Government defends need for 'difficult decisions' due to pandemic costs and repaying debt • Tax cuts may prove unsustainable and quality of services could suffer, institutes say