Workers face the longest period without a pay rise since the Second World War and a squeeze on living standards more severe than during the financial crisis, according to experts.

The warnings were included in analysis of the Chancellor's Autumn Statement by two highly respected think tanks, the Institute for Fiscal Studies and the Resolution Foundation.

The independent Office for Budget Responsibility (OBR) has forecast that Brexit vote will create a £59 billion black hole in the UK's finances over the next few years.

By 2021 the UK would have to borrow an extra £122bn, the OBR calculates.

The IFS warned of more than a decade of pay stagnation, with real wages remaining below their 2008 level until around 2021.

Paul Johnson, the director of the IFS, said that he could not stress enough "how extraordinary and dreadful” more than ten years without a salary rise would be for workers.

The UK had not experienced anything like it in the last 70 years, and perhaps even the last 100, he said.

The Autumn Statement had done little to help those "just about managing", or Jams as they have been described by the Treasury.

Instead, Mr Hammond had put his hopes on "jam tomorrow" by borrowing to invest.

These plans, however, were similar to Labour policies consistently attacked by the Conservatives over the last six years, Mr Johnson said.

In a nod to the previous chancellor and shadow chancellor, Mr Johnson said was not far from the truth to say that Mr Hammond's "new fiscal plans aren't Osborne's, they're Balls'".

Overall, the IFS found that the UK’s national income would be £30 billion lower than predicted, the equivalent of £1,000 per household.

After Mr Hammond's admission that he had given up hope of balancing the books by the end of this decade, the think tank also predicted an "an additional dollop of austerity" in the 2020s.

But the reality could be much worse than the predictions, Mr Johnson cautioned.

The OBR (explain) forecasts were "noticeably more upbeat" than other experts, including the Bank of England, he said.

Meanwhile, the Resolution Foundation warned that living standards would face a worse squeeze than in the aftermath of the 2008 banking crisis.

This time, however, the hardest hit would be the low paid, because of the Conservative Government’s cuts to in-work benefits.

The think tank said that over the last six years higher earners had, by a slight margin, been the worst affected.

In future, however, the burden would fall more on low and middle-income families and around a third of people could actually see their incomes fall.

The foundation also warned ministers not to rely on the same 'miracle' that had turned around the economy in recent years, saying that a rise in job numbers was unlikely to be repeated.

Torsten Bell, director of the Resolution Foundation, said: “Most of the initial reaction to the Autumn Statement has understandably focused on the big hit to the public finances, but just as important is the very real impact on family finances.

“The combination of lower growth, higher inflation and the government’s decision to press ahead with big welfare cuts, means that households risk experiencing even slower income growth in this parliament than they saw in the aftermath of the financial crisis . But unlike the last parliament, it will be low and middle income households who feel the tightest squeeze this time round.”

Pro-Brexit Tories attacked the OBR, saying it was being too pessimistic.

Former Cabinet minister Iain Duncan Smith claimed that the forecasts were "another utter doom and gloom scenario" by an organisation "that simply hasn't got anything right".

Conservative backbencher Jacob Rees-Mogg said the OBR was "wrong" because it had made "lunatic" assumptions about future trade tariffs.

But he was mocked when he added: "Experts, soothsayers, astrologers are all in much the same category."

Despite forecasts that the UK's debt will rise to over 90 per cent of GDP next year, Mr Hammond denied that borrowing was "out of control".

He also suggested that he might have been overly cautious, saying that it made sense “to keep a little bit of firepower in the locker .. so that, if there is a slowdown next year, we've got enough capacity."

John McDonnell, the shadow chancellor, said that the “lost decade” was a “damning indictment of the total, abject failure of the Tories’ economic policy during their six wasted years in office.”

He accused Mr Hammond of betraying rather than helping the ‘just about managing’ classes.

Labour MP Chris Leslie said that the IFS analysis was "clear proof that the Brexit vote has made working families worse off".

David Gauke , the Treasury chief secretary, said that the IFS’ use of average earnings did not " give a full picture".

"It doesn't take into account the significant tax cuts the government has introduced to help working people keep more of what they earn," he said.

But he added that the government accepted that there was more to do to meet its aim of building an "economy that works for everyone".