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 UK 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 fell disproportionately on lower-income households would result in an average annual loss of £500 in 2030 for those in the poorest half of the population.