Disposable incomes are now set to drop by the most since records began, as millions face tax hikes after Jeremy Hunt's autumn statement, with Brits facing 'a lost decade'
British people's incomes will fall by 7.1% from 2021-22 to 2022-23 on average, which means incomes will be where they were in 2013, according to the Office for Budget Responsibility, which also said the UK was now in recession.That will be the steepest drop since official records began in 1956-57.It will be only the third time since 1956-57 that disposable incomes fall two years in a row. The last time was after the financial crisis of 2008.
The OBR's comments come in response to Mr Hunt announcing a series of ‘eye-watering’ tax rises and cuts to public spending today in an Autumn statement aimed at plugging the multi-billion pound hole in Britain’s finances.Windfall tax on energy firms rises to 35%Pensions to rise by 10.1% from AprilBut there will be extra money for schools, social care and the NHS. The national living wage for the over-23s will also increase by nearly 10%.
Mr Hunt said he was delivering a "balanced path to stability" which involves "taking difficult decisions". "But any such tax should be temporary, not deter investment and recognise the cyclical nature of many energy businesses. Taking account of this, I have decided that from January 1st until March 2028 we will increase the Energy Profits Levy from 25% to 35%."
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