Resolution Foundation says ‘outlook for living standards remains bleak’ after chancellor’s cuts to welfare

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Lower-income households are on track to become £500 a year poorer by the end of the decade as a result of the chancellor’s spring statement, according to analysis by a leading thinktank.

The Resolution Foundation said a combination of weak economic growth over the next five years and benefit cuts that fall disproportionately on lower-income households would result in an average £500 loss over the next five years for those in the poorest half.