UK living standards see biggest fall in eight years

UK employers also added jobs for a 14th consecutive month in January in a bid to fill almost 1.3 million vacancies, a record high

UK workers' incomes are being heavily squeezed by soaring energy prices and taxes.

UK living standards fell at the fastest pace in almost eight years in December, a squeeze that is set to intensify in April when energy bills and taxes are due to soar.

The average British wage - excluding bonuses - rose 3.6% from a year earlier, less than the increase in consumer prices, the UK’s Office for National Statistics (ONS) said. Adjusted for inflation, wages fell 1.2%, the biggest decline since 2014, the ONS said.