Analysis from the Institute for Fiscal Studies
Here’s some instant analysis from Paul Johnson, director of the Institute for Fiscal Studies…
The big omission from this statement was anything for those subsisting on means tested benefits. They will be facing cost of living increases of probably 10% but their benefits will rise by just 3.1%.
— Paul Johnson (@PJTheEconomist) March 23, 2022
And cut compared to last year if you account for withdrawal of £20 UC uplift
What Mr Sunak has not mentioned is that public spending will not be increasing as much in real terms as announced in October as inflation takes its toll
— Paul Johnson (@PJTheEconomist) March 23, 2022
Oh for goodness sake.
— Paul Johnson (@PJTheEconomist) March 23, 2022
What is the possible justification for cutting income tax rate while raising NI rate?
Drives further wedge between taxation of unearned income and earned income. Yet again benefits pensioners and those living off rents at expense of workers
Very big increase in NI floor. Will, initially, more than compensate about 70% of workers for the NI increase coming in April.
— Paul Johnson (@PJTheEconomist) March 23, 2022
Matching income tax personal allowance welcome return to 2010 system…