‘A pretty grim picture’: outlook for UK living standards slashed despite Healey’s budget

OBR cautions about Middle East war dragging down growth and triggering a fresh cost of living crisisHealey offers £100 payment to households to help navigate ‘global economic storms’Budget 2026: key points at a glanceBudget 2026 live – latest updatesBritish households face a “pretty grim picture” for living standards as the war in the Middle East drags down growth and triggers a fresh cost of living crisis, the government’s independent forecaster has said.In a report as John Healey announced his first budget, the Office for Budget Responsibility (OBR) issued a sharp downgrade for growth in 2027, household disposable incomes and the