Government spending has gone up - but so have taxes and inflation.
The chancellor struck an upbeat tone yesterday and claimed his Spending Review would usher in a new age of optimism’.
The government announced changes to Universal Credit which mean recipients also in work will be able to keep more of their benefits.The IFS say it amounts to a 3% boost to households but that will be wiped out by inflation, with ‘millions worse off in the short term’. Inflation could hit its highest rate in 30 years as prices are pushed up by labor shortages and Brexit-related trade problems
Mr Johnson added: ‘This is not a set of priorities which looks consistent with long-term growth – or indeed levelling up.’
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