Sanctions On Russia, Could Dramatically Impact, UK Living Standards.
'The Guardian' reports that economists fear shockwaves
from Russia's invasion of Ukraine could cut living
standards in the UK by over $3,000 per person. .
'The Guardian' reports that economists fear shockwaves
from Russia's invasion of Ukraine could cut living
standards in the UK by over $3,000 per person. .
Those shockwaves could also reportedly
lead to continued inflation and
a potential economic standstill.
Economic measures taken against Russia
have reportedly cut forecasters' estimates
for economic growth in 2022 and 2023. .
According to the Centre for Economics and Business
Research (CEBR), living standards could take their
biggest hit since records began being kept in 1955. .
'The Guardian' reports that CEBR halved estimates
for growth in 2022 from 4.2% down to 1.9%. .
The consultancy's growth estimate for 2023
was reduced from 2% down to a grim 0.0%. .
CEBR predicts that inflation, which peaked at 8.7%
in the spring, will remain above 7% into early 2023. .
As a result of higher commodity prices,
we estimate that disposable incomes
will fall in 2022 by 4.8% with
further fall of 1.4% in 2023, Centre for Economics
and Business Research, via 'The Guardian'.
The forecast fall in living standards
this year is an estimated £71bn –
which amounts to £2,553 per household, Centre for Economics
and Business Research, via 'The Guardian'.
As a result, we estimate that
disposable incomes will fall in 2022
by 4.8% with a further fall of 1.4% in 2023.
The fall in 2022 is the largest
since records started in 1955, Centre for Economics
and Business Research, via 'The Guardian'