UK living standards decline amid G7 growth

UK living standards declined in the first quarter of 2026 despite economic growth, with real household disposable income per person decreasing by 0.8%. Higher taxes on income and wealth offset gains from income from property and employment, contributing to a fall in households' savings rate. Nonetheless, the UK economy grew by 0.6%, the fastest among G7 countries, driven mainly by service sector expansion, though the broader outlook remains uncertain due to inflation and political factors.

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