Revealed: the dark secret at the heart of Rachel Reeves's Budget [Yahoo! Finance]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
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Source: Yahoo! Finance
Labour's policies, the fiscal watchdog deduces, are “shifting real resources out of private households' incomes in order to devote more resources to public service provision”. Tax and spend is back in a big way. HM Revenue and Customs (HMRC) receipts are set to rise by some £40bn, the steepest hike since 1993, and over £70bn in additional expenditure will swell the size of the state to over 44pc of GDP – its most bloated since the early 2010s. Forecasts show ordinary Britons are net losers in this equation, with real household disposable income £276 lower in five years' time as a result of the Budget. The Chancellor's changes to employers' National Insurance (NI) contributions – particularly the bump in the main rate from 13.8pc to 15pc – will make bosses' tax bills £26,000 dearer on average. The majority of this will be passed on to employees in the long-term. She has since admitted private sector workers will see a reduction in pay, with negative inflation-adjusted wage g
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