Millions of people are set to be worse off next year amid spiralling costs and tax rises, says an economic think tank.
The Institute for Fiscal Studies (IFS) said that inflation and higher taxes on incomes would negate small wage increases for middle earners.
Low-income households will also feel “real pain” as the cost of living is set to increase faster than benefit payments, it said.
The chancellor acknowledged in his Budget that families are under strain.
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