"UK Voters Brace for Living Standards Disaster as Tax Cuts Fail to Improve Workers' Situation"

UK voters are facing a potential "living standards disaster" as household incomes are projected to decline between one national election and the next, despite Finance Minister Jeremy Hunt's tax cut plan. The Resolution Foundation warns that this would be the first time since 1974 that household incomes would be lower at the end of a parliamentary term than at the beginning. The strain on public finances from COVID-19 spending and rising debt costs limits the government's ability to implement tax cuts or increase spending. The think tank predicts a 1.5% fall in household disposable income per person in 2024, adjusted for inflation, and an average decrease of £1,900 ($2,375) per household by January 2025.