1/ The mainstream media are letting the Tories off with their #Budget21 coverage. Their accepting the Tory narrative and not doing adequate fact checking.
So, this is an ongoing Thread with fact checking on the Budget
(items in no particular order)
So, this is an ongoing Thread with fact checking on the Budget
(items in no particular order)
2/ The outlook isn’t “optimistic” the way Sunak claims - The UK is forecast to suffer the worst economic damage from Covid-19 of any G7 country.
https://twitter.com/georgeeaton/status/1453325328445841411?s=21
3/ Borrowing - this stuff about balancing the books is nonsense, borrowing as practically equalled GDP, ie the money the whole economy makes since 1700!
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https://twitter.com/asentance/status/1453269341487697921?s=20...]
4/ Trade - reduced trade with the EU post Brexit will reduce productivity (hence living standards etc) by 4%
https://twitter.com/PJTheEconomist/status/1453343295325851652?s=20
5/ Living Wage / Minimum Wage Increase - No it isn't worth £1000 to full time workers!
https://twitter.com/PJTheEconomist/status/1453338702487433218?s=20
6/ Universal Credit (1)
- Sunak already cut back £6bn from UC, the tapper reduction puts back £2bn so £4bh still cut
- The tapper on income above the limit was cut from 63% to 55%. Millionaires selling assets only pay 20% capital gains tax.
- Sunak already cut back £6bn from UC, the tapper reduction puts back £2bn so £4bh still cut
- The tapper on income above the limit was cut from 63% to 55%. Millionaires selling assets only pay 20% capital gains tax.
https://twitter.com/PippaCrerar/status/1453340595720757252?s=20
7/ Universal Credit (2)
- The change to the UC tapper will only benefit less than 1/3 of families losing the £20 uplift
- The change to the UC tapper will only benefit less than 1/3 of families losing the £20 uplift
https://twitter.com/KimJohnsonMP/status/1453406809813921795?s=20
8/ Early years support - This is not a new idea. Sunak and the media have forgotten Sure Start centres which cut by the Tories. What he has proposed barely makes up for what was lost.
https://twitter.com/georgeeaton/status/1453335354367528967?s=20
9/ Spending increases - No, they're not as Sunak claims “the largest this century”
https://twitter.com/georgeeaton/status/1453352235451265027?s=20
10/ More money for Government departments - Yes technically more money but most are still worse off compared to 2010.
https://twitter.com/BenZaranko/status/1453369340393316355?s=20
11/ Government jobs - Buried in the detail of #Budget21 are 32,000 job cuts.
https://twitter.com/johnmcdonnellMP/status/1453418505643122690?s=20
12/ The Banks - the Chancellor is a former banker and he didn't forge his mates!
https://twitter.com/premnsikka/status/1453353397000749068?s=20
13/ Pensions - state pensions will increase by less because the Tory have needed the "Triple Lock" on increases. This will cost pensioners a year £6bn a year.
https://twitter.com/FromSteveHowell/status/1453349699734355983?s=20
14/ The #ClimateCrisis - nothing on it, zero, zip. In fact the opposite, a tax cut to encourage people to fly more!
https://twitter.com/GreenRupertRead/status/1453364210230988800?s=20
15/ High wage economy - that's just a phrase, the reality is vert different. Wages are forecast to be £11.70 lower in 2026 than if the pre-2008 trend in wage growth had continued!
https://twitter.com/TheIFS/status/1453373283278245896?s=20
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