War in Middle East ‘could wipe out growth in UK living standards’

Rising oil and gas prices may hit increase of £300 a year for typical working-age households, says leading thinktankConflict in the Middle East could trigger an energy price shock that wipes out anticipated growth in living standards in the UK worth £300 for a typical working-age household over the coming year, a leading thinktank has warned.The Resolution Foundation said a “decent” one-off increase in average living standards this year and a bumper rise for lower-income households could be reversed by rising oil and gas prices .