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UK facing period of falling wages and lower living standards, Institute of Fiscal Studies warns

The UK is facing austerity measures until the end of this decade amid falling wages and lower living standards, the Institute of Fiscal Studies has warned.

IFS Director Paul Johnson said the Chancellor has 'very little room for manoeuvre' because of the weakened growth forecast for the economy from the Office for Budget Responsibility.

It comes after the Chancellor delivered his Budget to the House of Commons on Wednesday.

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Fuel duty to be frozen for sixth year in a row

Fuel duty will be frozen for the sixth year in a row, Mr Osborne said.

He said it would result in a saving of £75 a year for the average driver.

Beer, cider, whisky and other spirits duty will also be frozen but others will rise by inflation.

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