Multi-year vs annual pledges.
The government often announces budget increases by adding up the increases over multiple years, not the annual change as you might expect. An example 👇
fullfact.org/economy/2022-d…
The government often announces budget increases by adding up the increases over multiple years, not the annual change as you might expect. An example 👇
fullfact.org/economy/2022-d…
Don't forget inflation.
Inflation forecasts for 2022 range around 6-8%. That means any pledges to raise budgets by more than this are real-terms increases, while pledges to raise them by less than this amount to real-terms reductions.
bankofengland.co.uk/-/media/boe/fi…
Inflation forecasts for 2022 range around 6-8%. That means any pledges to raise budgets by more than this are real-terms increases, while pledges to raise them by less than this amount to real-terms reductions.
bankofengland.co.uk/-/media/boe/fi…
And finally, it's worth clarifying that National Insurance is due to rise by 1.25 *percentage points* in April, not by 1.25% (as a number of newspapers have reported).
This might sound pedantic, but it does make quite a big difference to the figures 👉 fullfact.org/news/martin-le…
This might sound pedantic, but it does make quite a big difference to the figures 👉 fullfact.org/news/martin-le…
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