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Households face ‘truly dismal’ rise in spending power says IFS after Reeves defends Budget
Households face a “truly dismal” rise in their spending power, says economic think tank the Institute for Fiscal Studies after Rachel Reeves’ Budget
The IFS points to forecasts that say disposable income will rise by only 0.5% a year over the next five years – compared to 2% annual growth from the mid-1980s to the mid-2000s
On Wednesday, Reeves increased taxes for millions, while also ending the two-child benefit cap – here’s her Budget at a glance
She says the changes are “fair” and “necessary” – and insists they don’t break Labour’s election pledges
Many will pay higher rates of tax as their pay increases, after Reeves froze income tax thresholds until 2031 – there will also be new taxes on electric cars, pension contributions, and houses worth more than £2m
Shadow chancellor Mel Stride insists Labour has broken its election promises – while Liberal Democrat leader Ed Davey says Reeves is taxing ordinary people at record levels
Source:- BBC News
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