Richest households to gain 14 times more cash than poor households from budget

“… Despite the chancellor setting out £55bn in spending on Monday, the Resolution Foundation concluded that 84 per cent of the income tax cuts will go to the top half of the income distribution.

“The richest tenth of households are set to gain 14 times as much in cash terms next year from the income tax and benefit giveaways in the Budget as the poorest tenth of households,” its post-Budget report stated.

“Meanwhile, income tax cuts announced yesterday will overwhelmingly benefit richer households, with almost half of the long-term gains going to the top 10 per cent of households.” …

https://www.independent.co.uk/news/uk/politics/budget-2018-philip-hammond-income-tax-cuts-austerity-finance-economy-chancellor-statement-a8608231.html

One thought on “Richest households to gain 14 times more cash than poor households from budget

  1. Translation – Tax cuts will go to Tory voters who don’t really need it in the hope that they will continue voting Tory, whilst those on lower incomes for whom any tax cut might make the difference between putting food on the table or not don’t get much because they are extremely unlikely ever to vote Conservative.

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