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

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Based on a feed excerpt; full article content has not been acquired. Source evidence retrieved 28/10/2026, 18:20:27 UTC.

Briefings

The Office for Budget Responsibility (OBR) warns of a grim outlook for UK living standards due to the Middle East war, which is expected to drag down growth and trigger a new cost of living crisis. Chancellor John Healey announced a budget offering £100 per household to help navigate 'global economic storms,' but the OBR's independent forecast indicates this will not prevent a sharp decline in disposable incomes and public finances for 2027.

Key points

• The Office for Budget Responsibility (OBR) issued a report warning that the Middle East war is dragging down UK growth and triggering a fresh cost of living crisis.
• Chancellor John Healey announced a budget offering £100 per household to help navigate 'global economic storms,' but the OBR's forecast indicates this will not prevent a sharp decline in disposable incomes and public finances for 2027.

Context

The Office for Budget Responsibility (OBR) issued its report on 2026-10-28, warning that the Middle East war is dragging down UK growth and triggering a fresh cost of living crisis. Chancellor John Healey announced his first budget, offering £100 per household to help navigate 'global economic storms,' but the OBR's independent forecast indicates this will not prevent a sharp decline in disposable incomes and public finances for 2027.

Limitations

Evidence is limited to the OBR's report and Healey's budget announcement. No specific data on growth rates, disposable income figures, or public finance deficits are provided. The report is a forecast for 2027, and the impact of the war on growth is described as 'dragging down' rather than quantified.

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