December 9, 2012

Wage growth in the UK is not expected to return to the historic norm of around 2% for a “couple of years”, according to the chairman of the Office for Budget Responsibility (OBR).

Robert Chote was giving evidence at a Treasury Select Committee hearing examining last week’s Autumn Statement.

He said the economic recovery had not yet lifted living standards.

Mr Chote also said rising house prices and falling wages were eroding people’s savings.

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