Oct 28, 2021
Households face £3,000 hit from Budget measures, warns think tank
Households will pay £3,000 more tax a year as a result of measures introduced since Boris Johnson came to power, including Wednesday's Budget, says the Resolution Foundation. The Foundation's overnight analysis of the Budget and Spending Review 2021 revealed a deteriorating picture on family finances, with household incomes set to stagnate as a result of rising inflation. Middle-income households will see incomes drop by 2% and the richest fifth of households will suffer a 3.1% hit by the middle of the decade, the Foundation warned. Of the 4.4 million households on universal credit, about three-quarters will be worse off as a result of decisions to take away the £20-a week-uplift, despite the chancellor's new universal credit measures in the Budget. "That's because higher inflation that actually helped the chancellor with his borrowing figures is obviously hurting household budgets, and that's why the Office for Budget Responsibility expects household incomes and wages to actually not grow at all in the next year."So that's going to be really bad news for everyone worrying about their own budgets.
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