Was Hunt’s Budget really ‘upbeat’? Living standards remain worst since records began

 Jeremy Hunt: is his smile just another example of ‘Duper’s Delight’ – the grin politicians wear when they know they’re lying to us, as exemplified so often by Boris Johnson?

Living standards in the UK are still facing their biggest fall since records began in the 1950s – after Jeremy Hunt’s supposedly upbeat Budget.

Amid lower growth predictions than in November when we were facing recession, the Office for Budget Responsibility has said damage caused by rising energy prices and the Covid-19 pandemic could take years to reverse.

House prices will fall an estimated ten per cent by 2025, as rising bills and taxes take a toll on people’s incomes. That is expected to trigger a 20 per cent slump in property transactions, said the OBR.

The tax burden is predicted to hit a post-war high of almost 38 per cent of GDP by 2027/28. And households’ disposable income will fall six per cent over two years.

That is below the seven per cent forecast in November, but represents the largest plunge since records began in 1956-57.

This is no different from the prediction made by the Institute for Fiscal Studies boss Paul Johnson after the then-designated Spring Statement of exactly a year ago. Check out the video for the proof:

So there you have it.

The best that can be said about Hunt’s Budget is that even if it does help the economy, it will help only the very rich.

The rest of us won’t be any better-off at all.

Source: UK faces biggest fall in living standards since the 1950s


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