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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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Corporation tax to be cut to 17% by 2020

The rate of corporation tax will be reduced to 17% by April 2020, George Osborne said.

It was 28% at the start of the last parliament and 20% at the start of the current session, he said.

"Britain is blazing a trail, let the rest of the world catch up," the Chancellor said.

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