The wealthiest 5% will see their incomes grow by 2% next year (2023/24), while the other 95% of the population will get poorer as the cost-of-living crisis continues.
The Government is not concerned about the “politics of envy”, a Treasury minister said as its raft of tax cuts came under fire for disproportionately benefiting the rich.
Analysis of the mini-budget by Resolution Foundation said “only the very richest households in Britain” will see their incomes grow as a result of the tax cuts. IFS director Paul Johnson told BBC Breakfast on Saturday: “If you’ve got less than about £150,000 a year coming in, if you’re part of the 99% with less than £150,000 coming in, then you’re still going to be worse off as a result of tax changes coming in over the next two or three years.”
Labour leader Sir Keir Starmer, who will seek to capitalise on the unpopularity of the Government’s new measures at his party’s annual conference, tweeted: “Tory casino economics is gambling the mortgages and finances of every family in the country.”
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