Unfortunately, this will not keep pace with projections for inflation, meaning real wages will continue to fall until late 2023.

Professor Adrian Pabst, deputy director for Public Policy, said: “Households up and down the country face soaring energy bills, food prices and housing costs.

“This triple shock to income is hitting hardest the five million on Universal Credit and 11 million lower-income households.

“Support policies like the Energy Price Guarantee are not enough to cushion the blow while at the same time subsiding high-income households that have sufficient income and savings to absorb the shock.

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