Millennials Were The Main Winners From The Budget, According To A Top Think-Tank

The Resolution Foundation said pensioners were the big losers.
UK Chancellor Jeremy Hunt
UK Chancellor Jeremy Hunt
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Millennials were the main winners from the Budget, according to a leading think-tank.

The Resolution Foundation said households headed by someone aged between 18 and 45 will gain £590 on average from the tax and spending changes announced yesterday by Jeremy Hunt.

By contrast, those aged 66 and over will lose £770 on average.

Torsten Bell, the think-tank’s chief executive, said: “Looking at all policy changes announced this parliament reinforces the sense that the government has reversed course from the approach that dominated during the 2010s.

“Back then, support was focused on pensioners and takeaways on poorer, younger households. This time it is those aged over 65 and on the highest incomes who are set to lose most.”

Elsewhere in its post-Budget analysis, the Resolution Foundation said that average wages in the UK have stagnated for nearly 20 years, leaving the average worker £14,000 a year worse off than they would otherwise have been.

And they also said the £9 billion of tax cuts unveiled by Hunt yesterday will be “dwarfed” by £27 billion-worth of increases between 2023 and 2027.

Bell said: “Budgets are always a big day for Westminster, but the big picture for Britain has not changed at all.

“This remains a country where taxes are heading up not down, and one where incomes are stagnating.

“Big tax cuts may or may not affect the outcome of the election, but the task for whoever wins is huge. They will need to both wrestle with implausible spending cuts, and also restart sustained economic growth – the only route to end Britain’s stagnation.”


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