‘Squeaky’ George says he listened to the people and decided to abandon tax credit cuts.
He did no such thing! He was forced into a U-turn by the House of Lords. But as usual he tries his “Tommy Cooper” sleight of hand in trying to baffle us, unsuccessfully I might add.
Yet again ‘Squeaky’ George’s budget and spending review decisions hit the poor but spare the rich.
The Resolution Foundation, the think tank focusing on the low paid, has put out a new analysis of Osborne’s Autumn Statement and spending review.
It welcomes his decision to abandon tax credit cuts, but says that the working poor will still lose out from the introduction of universal credit over the next five years.
The move to universal credit will cost working households £1,000 on average in 2020. Households with children will lose £1,300 on average.
The tax, benefit and minimum wage changes in the summer budget and the autumn statement, taken together, will cost the poorer 50 per cent of households £650 on average in 2020. The richer 50 per cent of households will lose nothing.
That means, overall, the rich stay rich but the poor as ever under the ‘vermin party’ get poorer.