Ten Things You Need to Know Today: 24 March 2022

The Week’s daily digest of the news agenda, published at 8am

1. Historic fall in living standards

Official forecasts have shown that Britain is facing the biggest fall in living standards since records began in 1956. The Office for Budget Responsibility said they would fall by 2.2% in the next tax year, the largest reduction in a year and twice the size of the falls during the oil shocks of the 1970s and 1980s. It also predicted that household energy bills will surge to about £2,800 a year from October, when the price cap on standard tariffs is expected to rise by a record £830.

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