In his statement today the Chancellor has stolen all Labour’s clothes.
Nearly everybody will be worse off but the less well-off will suffer less.
What more could Labour have done?
“Dividend allowances will be cut.
The annual exempt allowance for capital gains tax will also be cut.
The threshold for the 45p additional rate of tax will be cut from £150,000 to £125,140.
Windfall taxes will raise £14bn, including a new temporary 45% levy on electricity producers.
The government’s energy price guarantee will be kept for a further 12 months at an average of £3,000 for a typical household, up from £2,500 at present.
New one-off payments of £900 to households on means-tested benefits, £300 to pensioner households, and £150 for individuals on disability benefit.
There will be an additional £1bn funding to enable further extension to household support fund.
Social housing rents will be capped at 7% next year, to avoid rent hikes of up to 11%.
The “national living wage” will rise by 9.7% next year to £10.42 an hour.
Benefits will rise in line with September’s inflation rate, by 10.1%, costing the government £11bn.
The benefit cap will be increased with inflation next year.
The pensions triple lock will be kept.”
Via ALB
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