According to the latest report by multinational consultancy PwC on the UK economy, released earlier in the week, the average British employee’s pay next year will fall to the lowest level since 2006.

The report by the professional services network sees real wages, which factor in inflation, plunging by up to 3% in 2022, and by 2% more in 2023.

Barret Kupelian, senior economist at PwC said, “2022 has obviously been a highly challenging year for the UK economy, and it is not surprising that these chilly headwinds will continue throughout 2023.”

The analysts at PwC predict that the cost of living crisis will continue into 2023, as weekly food shop bills rise to £100 ($120), double the rate at the beginning of the century. Meanwhile prices of homes across the nation are expected to fall 8%, with sales falling below one million for the first time in almost a decade.

The forecast also sees happiness declining, with a 20% rise in divorces bringing the tally up to almost 140,000 in England and Wales. That would be equivalent to 16 marriages collapsing each hour.

One bright spot among the predictions sees the consultancy predicting that more than 300,000 British workers would return to the labor market in the coming year. This would cut back on economic inactivity and help to fill staff shortages for businesses in highly skilled sectors.

The report also predicts the rise in immigration to the UK could possibly add £19 billion (almost $23bn) to the economy, generating 1% of GDP growth.

Jake Finney, economist at PwC said, “Despite a contracting economy, the UK remains an attractive destination for workers. In 2022 UK immigration levels reached a record 1.1 million, with targeted schemes aimed at Ukrainians, Afghans and Hong Kong residents adding around 140,000 to the total.”