Families stand to lose £5,000 a year by 2022

The average British family will be £5,000 a year poorer by 2022 than it would have been if the 2008 financial crisis hadn’t happened.

And that forecast by the Institute for Fiscal Studies – which comes less than a week before the Budget – suggests low income families with children will fare worst of all.

The Liberal Democrat Treasury spokesperson Baroness Kramer gives her reaction to the report and looks ahead to the Budget.

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