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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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Osborne: Budget will 'put the next generation first'

The Budget will put "the next generation first", Chancellor George Osborne has said.

Tweeting a picture of the Budget and the famous red briefcase, he said: "Today's Budget sets out long-term solutions to long-term problems.

"It's a Budget that puts the next generation first."

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