According to the Office for Budget Responsibility (OBR), living standards will not recover to pre-pandemic levels until 2027-28.

In his Autumn Statement, the chancellor announced tax cuts and an increase in benefits.

People were still suffering for “Tory economic recklessness,” according to Labour.

The OBR, which is independent of the government, provides two sets of economic projections per year, which are used to forecast how the government’s finances will fare.

These are based on the company’s best prediction as to what will happen, and they are subject to change.

According to the watchdog, the UK would grow by 0.6% this year, which is significantly better than what it forecast last autumn, when it anticipated the economy would contract and contract.

However, it has slowed its expansion.