🚨 JRF responds to the #SpringStatement
The Chancellor has abandoned many to the threat of destitution, not economic security, @dminnes
🧵👇
The Chancellor has abandoned many to the threat of destitution, not economic security, @dminnes
🧵👇
✂️6⃣ "The Chancellor has acted recklessly in pressing ahead with a second real-terms cut to benefits in six months, while prioritising people on middle and higher incomes."
❌ "Changes to #NationalInsurance won’t help those who aren’t working or can’t work due to disability, illness or caring responsibilities, to an increasing risk of becoming destitute. This means they will face regularly going without absolute essentials."
⬆️ "We can’t build a strong or secure economy by weakening the incomes of the poorest. With benefits reaching their lowest level in real terms since 1985, the Chancellor had ample opportunity with his increased headroom to uprate them in line with inflation."
"Make no mistake – this dire situation will leave millions in despair as a direct consequence of the Chancellor’s irresponsible choices today." #SpringStatement
JRF will be modelling the impact of the changes to the #NationalInsurance threshold announced today along with the Chancellor’s choice not to increase benefits in line with current inflation levels. 📈📊
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✅ Follow us here on Twitter to get the latest updates.
⛽️ We've analysed the impact of the fuel duty cut, announced today, on low-income households.
❌🚗 Households on lower incomes benefit less from the cut to fuel duty because many do not own a car in the first place, and those that do use less fuel than high income households.
❌🚗 Households on lower incomes benefit less from the cut to fuel duty because many do not own a car in the first place, and those that do use less fuel than high income households.
4⃣5⃣ 45% of households on the lowest 10% of incomes do not have access to a vehicle.
6⃣ This is compared to just 6% of those in the highest 30% of incomes.
6⃣ This is compared to just 6% of those in the highest 30% of incomes.
⛽️⬆️ Households on the lowest 10% of incomes with access to a car have seen fuel costs increase by around £315 since September 2021.
✂️ The cut to fuel duty announced today will only mitigate around £53 (around one sixth) of that increase.
✂️ The cut to fuel duty announced today will only mitigate around £53 (around one sixth) of that increase.
📥 Further analysis coming soon on the impact of the changes to the #NationalInsurance threshold and the Chancellor's choice not to increase benefits in line with current inflation levels 📈📊
🚨 NEW: 600,000 people will be pulled into poverty due to inaction at the #SpringStatement
We've modelled the impact of the failure to increase benefits in line with inflation, along with the 1.25% ⬆️ in National Insurance and change to the earnings threshold at which it is paid
We've modelled the impact of the failure to increase benefits in line with inflation, along with the 1.25% ⬆️ in National Insurance and change to the earnings threshold at which it is paid
6⃣0⃣0⃣ 600,000 people will be pulled into poverty, of which around a quarter are children
💷⬇️ Families in poverty will be £446 per year worse off in 2022-23 compared to if benefits had been increased in line with current inflation levels
💷⬇️ Families in poverty will be £446 per year worse off in 2022-23 compared to if benefits had been increased in line with current inflation levels
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