Britain is facing the biggest hit to living standards on record after Jeremy Hunt announced sweeping tax rises and spending cuts heralding a fresh wave of austerity.Meanwhile, the public sector has seen pay growth fall behind that of the private sector at the sharpest rate on record.The chancellor offered an additional 3.3bn for the NHS and 2.3bn for schools a year and a real-terms increase for government departments, albeit at a slower rate.
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