Details of welfare cuts and the impact of the budget on the most vulnerable
Categories: Articles:Social Justice |
Published: 09/07/2015 |
Views: 1755
It would be quite misleading to describe the 2015 Summer Budget as a "one nation budget" or as favouring "working families" and "giving the nation a pay rise" in any meaningful sense, says Ekklesia co-director Simon Barrow. On the contrary it hits low income households and disabled people, and will increase further Britain's alarming levels of inequality. (Ekklesia)
The budget ‘red book’ sets out how much money the Chancellor of the Exchequer is saving and spending from his various budget measures. It always makes interesting reading.
Overall, this Summer Budget raises almost £1 billion net in tax this year (2015-16), despite Chancellor Osborne’s peroration about wanting a “low tax economy”.
The corresponding fiscal tightening (tax rises plus spending cuts) is worth £3.5 billion this year alone.
By 2020/21 the overall tightening is a further £19 billion – less, and slower, than pledged back in March, but still a clear austerity programme with serious consequences.
By 2020/21 these measures will claw back some £13.1 billion from welfare – more, in fact, than the pledged £12 billion. The overall impact of government saving on the most vulnerable is between £34 billion (OBR) or just under £50 billion (Stewart Hosie), depending on how you calculate it.
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