"Paul Johnson, director of the Institute for Fiscal Studies think tank, said: "Surging global energy prices have made the UK a poorer country."
The biggest downturn I can see coming (for all the west) are the potential grid failures this winter. Too many fossil fuel power stations being turned off!
And the 'surging global energy prices' are as the story suggested ........ global!
"Energy and food bills have shot up due to the war in Ukraine and pandemic, and are squeezing household budgets."
This is an EU wide problem, not just the UK.
"This is likely to be a relatively shallow recession for the economy as a whole - but for households, it will mean the wipeout of gains in living standards, a return to 2014."
Some of the statements are just odd, IMHO living standards in the UK have been dropping since the year 2000, I certainly wouldn't have picked 2014 as the pinnacle of UK living standards.
While the rich are getting richer, the poor are getting poorer.
What the world needs is a major redistribution of wealth, not another 'austerity' programme for the poor.