Budget boosts employment but living standards falling, says Resolution Foundation

Chancellor Jeremy Hunt announced an impressively broad suite of policies in the Spring Budget to encourage more people into work, but Britain's economy remains stuck in a 'deep funk', according to the Resolution Foundation thinktank.

17 Mar 2023

Chancellor Jeremy Hunt announced an impressively broad suite of policies in the Spring Budget to encourage more people into work, but Britain's economy remains stuck in a 'deep funk', according to the Resolution Foundation thinktank.

Although the thinktank says Mr Hunt will succeed in boosting employment, it warned of a 'disastrous decade for living standards' with real household disposable incomes now lower than they were pre-pandemic.

It did welcome changes to childcare support as 'much needed help for parents' that will encourage more parents to work.

However, it criticised the changes to pension allowances as 'an unneeded tax break for wealthy pension savers'.

Torsten Bell, Chief Executive of the Resolution Foundation, said: 'Jeremy Hunt's first Budget was a much bigger affair than many expected, combining improvements to the dire economic and fiscal outlook with a significant policy package aimed at boosting longer-term growth in general, and the size of the workforce in particular. A step change in childcare support stands out.

'But stepping back the UK's underlying challenges remain largely unchanged. We are investing too little and growing too slowly. Our citizens' living standards are stagnant. We ask them to pay higher taxes, while cutting public services.'

Sheards are cloud accounting experts

qb sage xero freeagent kashflow

Home | Contact us | Accessibility | Disclaimer | Help | Site map | May

© 2024 SMH Sheards Chartered Accountants. All rights reserved.

SMH Sheards is the trading name of SMH Sheards Ltd. Registered in England and Wales: Company no. 06837228. Regulated by the Institute of Chartered Accountants in England & Wales.

Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England & Wales.

The registered office is: SMH Sheards Chartered Accountants, 5 Westbrook Court, Sharrow Vale Road, Sheffield, South Yorkshire S11 8YZ
We use cookies on this website, you can find more information about cookies here.