Posted 11/23/2023, 1:40:49 PM
UK Faces 'Historic Fall' in Household Incomes Despite Tax Cuts, Warns Thinktank
- UK households face a "living standards disaster" with incomes set to fall 1.5% in 2024, even after the new tax cuts
- It would be the first fall in household incomes in an election year since 1974
- Households will be nearly £2,000 poorer on average between 2019 election and 2025
- Pandemic costs and debt interest payments have limited the government's ability to cut taxes and increase spending
- Public services face more cuts and quality reductions due to high inflation and spending squeeze