William Eichler 05 March 2024

Tax cuts could drive 55,000 into poverty

Tax cuts could drive 55,000 into poverty image
Image: Fred Duval / Shutterstock.com.

Cuts to national insurance reportedly being considered by the Chancellor in tomorrow's Budget could result in tens of thousands of people being driven into relative poverty, think tank warns.

The New Economics Foundation (NEF) has said that a 1p cut in national insurance would cost the Government £4.8bn and would see those on the highest incomes save £424 a year, while those on the lowest would save just £34.

The NEF analysis also showed that this cut would bring 55,000 more people into relative poverty.

Sam Tims, senior economist at the NEF, said: ‘Everywhere you look, from our schools to hospitals to high streets, our country is falling apart at the seams while millions of people struggle to get by. Yet at the same time our chancellor is pushing for tax cuts that the country does not want, and that will benefit those who already have the most.

‘Not only will this reduce Government income in the immediate future, but it will also worsen inequality making us all poorer and harming the country’s prospects.’

SIGN UP
For your free daily news bulletin
Highways jobs

Casual Support Worker

Oxfordshire County Council
£25992 - £28163
About Us Abingdon Community Support Service's primary purpose is to support adults to engage with a stimulating programme of meaningful individual and rewarding group activities. The Social and Community Services vision is to support and promote strong c Abingdon Community Support Service
Recuriter: Oxfordshire County Council

Quality and Review Support Assistant

Durham County Council
Grade 4 £25,583 - £26,824 Pro-rata
WHAT IS INVOLVED?   You will provide administrative, clerical and typing services to the Quality & Review Service, specifically in support of the Inde Spennymoor
Recuriter: Durham County Council

Duty Manager

Durham County Council
Grade 6 £28,142 - £31,022 per annum
We have an opportunity for a Duty Manager at Meadowfield Leisure Centre.  WHAT IS INVOLVED? You will be responsible for the day-to-day operation of t Durham
Recuriter: Durham County Council

Support Worker

Durham County Council
Grade 4 £25,583 - £26,824 Pro-rata
WHAT IS INVOLVED?   You should be an enthusiastic team player who takes pride in providing excellent customer service.  You will have good communicati Spennymoor
Recuriter: Durham County Council

Support Worker

Durham County Council
Grade 4 £25,583 - £26,824 Pro-rata
We have an exciting opportunity for a permanent Support Officer to join our dedicated team within Business Services (part time 22 hours).   WHAT IS IN Durham
Recuriter: Durham County Council
Linkedin Banner