Living standards fall at fastest pace since 2014 as inflation bites

Good morning.

There’s another unwelcome reminder of the cost-of-living crisis this morning, as new ONS data showed real earnings fell at their fastest pace for eight years in December.

Adjusted for inflation, average wages excluding bonuses fell 1.2pc. That’s the biggest decline since 2014.

What’s more, the squeeze on disposable incomes is set to deepen, with higher energy bills, tax rises and further interest rate increases all putting further pressure on household budgets in the spring.

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3) City advisers brace for sanctions on Kremlin-controlled Gazprom: Bankers, lawyers and PR consultants in the City are contingency planning to cut ties with the Kremlin-controlled energy giant Gazprom amid fears it could be the target of sanctions 

4) Sadiq…