The Resolution Foundation cautioned that the chancellor's fiscal plans fail to sufficiently protect the most vulnerable, noting that the poorest half of households receive only marginally more financial support than the wealthiest half. To alleviate price pressures worsened by the Iran war, the package scraps gas standing charges, delivers £100 payments to council tax bands A to D, and offers business tax breaks funded by levies on banks and gambling. Despite these efforts, forecasters project typical household disposable incomes will decline by £1,050 by 2028-29 as economic growth slows.
Key points
Independent analysts argue that utilizing 35-year-old property valuations fails to direct…: Independent analysts argue that utilizing 35-year-old property valuations fails to direct crucial financial aid to the households in greatest need.
Global economic pressures and the conflict involving Iran have pushed the Office for Budg…: Global economic pressures and the conflict involving Iran have pushed the Office for Budget Responsibility to lower its GDP growth projections for next year.
Government supporters defend the package for delivering direct energy relief to 20 millio…: Government supporters defend the package for delivering direct energy relief to 20 million families while removing 70,000 retail properties from business rates.
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John Healey delivered a “scattergun” budget that did little to boost living standards and left Britain facing “a painful second half” of the parliament, a leading economic thinktank has warned.
The Resolution Foundation said on Thursday that measures to ease household gas and electricity costs would still leave energy bills higher this year than during the last energy shock.
In a highly critical verdict on the chancellor’s efforts to provide “breathing space” for the public amid the rising prices exacerbated by the Iran war, the foundation said Healey’s budget was poorly targeted, giving the rich almost as much as the poor.
It said the subsidies to ease the rising cost of living handed the poorest half of households a gain of £158 on average this year and next, just £14 more than the £144 received by the richest half.
The thinktank’s chief executive, Ruth Curtice, said it highlighted “a complete failure to target help at those who need it most”.
In his first budget as chancellor, Healey said he would cushion the blow from rising inflation while also showing how…
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