average 7.4% for the rest of this ear. , ., , .,~ ., ., , average 7.4% for the rest of this ear. ,., , ., ., year. yes, and eight peak towards 996 b the end year. yes, and eight peak towards 996 by the end of year. yes, and eight peak towards 996 by the end of the year. yes, and eight peak towards 996 by the end of the year year. yes, and eight peak towards 996 by the end of the year and year. yes, and eight peak towards 996 by the end of the year and what - year. yes, and eight peak towards 996 by the end of the year and what they l by the end of the year and what they are also saying that when you take into account that and their protection is about earnings, this will be the worst year, in their words, for living standards since records began in 1956. which is a pretty extraordinary thing to say and critically strong words from the government independent public sector organisation, the office for budget responsibility. find organisation, the office for budget responsibility-
delivers the biggest cut in over a quarter of a century and i commend it to this house. studio: rishi sunak sitting down, a dramatic end, the rabbit out of the hat is a cut in the basic rate of income tax from 20 to 19p by the end of the parliament. let s listen to rachel reeves, the shadow chancellor, who will take to her feetin chancellor, who will take to her feet in just a moment.- chancellor, who will take to her feet in just a moment. thank you, mr seaker. feet in just a moment. thank you, mr speaker- today feet in just a moment. thank you, mr speaker. today was feet in just a moment. thank you, mr speaker. today was the feet in just a moment. thank you, mr speaker. today was the day - feet in just a moment. thank you, mr speaker. today was the day the - speaker. today was the day the chancellor could have put a windfall taxm chancellor could have put a windfall taxm to chancellor could have put a windfall tax. to provide real help to families tax. to provide real hel