Britons Face Pay Cut After Budget, IFS Says

Britain faces a fall in wages and living standards after official economic forecasts were downgraded, a leading think-tank has warned. The Institute for Fiscal Studies (IFS) said revisions to productivity forecasts set out by the Office for Budget Responsibility (OBR) would have repercussions for everyone and not just the public finances. These changes had resulted in £56bn lost "down the back of the sofa" according to the OBR's Budget predictions compared to its previous expectations