The Chancellor’s tax cuts will do nothing to stop more than two million people falling below the poverty line during the cost of living crisis and will only benefit the “very richest households”, according to a think tank.
Using more than £70 billion of increased borrowing, Mr Kwarteng on Friday set out a package which included abolishing the top rate of income tax for the highest earners.
“But while the measures announced won’t prevent more than two million people falling below the poverty line, they will mean only the very richest households in Britain seeing their incomes grow. Kwasi Kwarteng’s mini-Budget was not accompanied by independent growth forecasts from the Office for Budget Responsibility
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