Healey’s Budget spoiled by ‘grim’ living standards squeeze
Britain is trapped in a “grim” decade of stagnant living standards, the budget watchdog has said, after John Healey kicked some of the government’s toughest spending decisions on defence and welfare into next year. The government’s fiscal watchdog said that families are about to see household income drop as a result of the country’s rising [...]
The Office for Budget Responsibility's budget report paints a grim picture of stagnant living standards in Britain for the next decade. John Healey's latest Budget aimed to tackle some of the government's toughest spending decisions, but forecasters slashed growth projections and raised inflation expectations. Healey's measures, including higher taxes on banks, savers and landlords, were criticized for falling short of the government's growth ambitions.
The Chancellor's top energy support package cost taxpayers £2.6 billion, while extra tax reliefs for founders and investors are expected to increase borrowing. Analysts warn that the government faces a £11 billion fiscal hole in departmental budgets between 2029 and 2032, and only a 56% chance of meeting borrowing targets.
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