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5 Things You Need To Know, Today, on Thursday 24th March 2022
5. Lloyds Banking Group has announced the closure of 60 branches across the UK.
The company said it would shut 24 Lloyds Bank branches, 19 Bank of Scotland branches and 17 Halifax branches as customers were moving towards online and mobile banking.
4. The cost of living in Russia is surging, according to new data, following the country's invasion of Ukraine.
Official figures show the price of some household staples - such as sugar - have jumped by as much as 14% over the past week.
3. The UK economy is forecast to grow by 3.8% this year, according to the Office for Budget Responsibility, a sharp cut from its previous prediction of 6.0%.
The economy is then forecast to grow by 1.8% in 2023, 2.1% in 2024, 1.8% in 2025 and 1.7% in 2026.
2. The chancellor has announced a 5p a litre cut to fuel duty as motorists struggle with record fuel prices.
Rishi Sunak said the move, which kicked in at 18:00 GMT on Wednesday and will last until next March, was "the biggest cut to all fuel duty rates ever".
1. The UK is facing its biggest drop in living standards on record as wages fail to keep pace with rising prices.
Soaring energy prices could push inflation to a 40-year high of 8.7% in the final three months of 2022, the government forecaster said.