Sanctions On Russia Could Dramatically Impact UK Living Standards

Sanctions On Russia, Could Dramatically Impact, UK Living Standards.
'The Guardian' reports that economists fear shockwaves
from Russia's invasion of Ukraine could cut living
standards in the UK by over $3,000 per person. .
'The Guardian' reports that economists fear shockwaves
from Russia's invasion of Ukraine could cut living
standards in the UK by over $3,000 per person. .
Those shockwaves could also reportedly
lead to continued inflation and
a potential economic standstill.
Economic measures taken against Russia
have reportedly cut forecasters' estimates
for economic growth in 2022 and 2023. .
According to the Centre for Economics and Business
Research (CEBR), living standards could take their
biggest hit since records began being kept in 1955. .
'The Guardian' reports that CEBR halved estimates
for growth in 2022 from 4.2% down to 1.9%. .
The consultancy's growth estimate for 2023
was reduced from 2% down to a grim 0.0%. .
CEBR predicts that inflation, which peaked at 8.7%
in the spring, will remain above 7% into early 2023. .
As a result of higher commodity prices,
we estimate that disposable incomes
will fall in 2022 by 4.8% with
further fall of 1.4% in 2023, Centre for Economics
and Business Research, via 'The Guardian'.
The forecast fall in living standards
this year is an estimated £71bn –
which amounts to £2,553 per household, Centre for Economics
and Business Research, via 'The Guardian'.
As a result, we estimate that
disposable incomes will fall in 2022
by 4.8% with a further fall of 1.4% in 2023.
The fall in 2022 is the largest
since records started in 1955, Centre for Economics
and Business Research, via 'The Guardian'