The fall of the Tory party

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villa-ru

People will suffer the largest fall in living standards since records began in 1956 this year, followed by the second largest fall in 2023-24

The 7.1% fall in living standards over next two years will take living standards to lower level since 2013.

Also forecasting 9% drop in house prices .
And a 5% increase in council tax.

All cool. Thanks tories.

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christianSpaceman in reply to @villa-ru

Also forecasting 9% drop in house prices .

What I can't get a handle on is whether this was baked in if Truss hadn't happened. I.e. Without Truss / Kwarteng would we still today be facing these same stats or did the mini budget just make whatever would have happened (say a 5% reduction instead of 9%) worse because it cost government credability.

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villa-ru in reply to @christianSpaceman

IANAE but there would have been many of the same pressures on the housing market (and cost of living etc) but the mini budget made it much much worse because all the govt borrowing suddenly became much, much more expensive. So mortgage rates went up by a huge amount very quickly rather than more steadily as previously forecast.
So yes, you are probably right.

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