Busted Budget 2: Return of the Omnishambles

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Tory Prime Minister Theresa May & Tory Chancellor Philip Hammond have had to announce a “screeching U-turn” after proposals to raise National Insurance tax in contradiction to Tory promises predictably precipitated apoplexy across the political spectrum.

Facing calls from her own MPs to “apologise for betraying the 2015 manifesto”, Theresa May also faced outrage from small & medium sized businesses from across the country. The knock on effect of this would be to make the working families of Britain poorer – a fact that did not go unnoticed at the Institute of Fiscal Studies, as Andrew Hood, IFS Senior Research Economist has said:

“Weak earnings growth combined with planned benefit cuts means that the absolute poverty rate among children is projected to be roughly the same in 2021–22 as it was back in 2007–08. In the decade before that, it fell by a third. Tax and benefit changes planned for this parliament explain all of the projected increase in absolute child poverty between 2014–15 and 2021–22.”

In a move that directly targeted the ‘Just About Managing’ families that Theresa May’s woefully delivered rhetoric contrived to appeal to, the IFS reports that this latest Omnishambles budget from the increasingly unstable Tories would leave the average British family a whopping £1400 a year worse off.

“If the OBR’s forecast for earnings growth is correct, average incomes will not increase at all over the next two years. Even if earnings do much better than expected over the next few years, the long shadow cast by the financial crisis will not have receded. Average incomes in 2021–22 are still projected to be £5,000 a year lower than we might have reasonably expected back in 2007–08.“ – Tom Waters, Research Economist at IFS

In 2010 & 2015 the Conservatives stood on a platform of ‘putting the public finances in order’. After cutting services across the board, it’s important to ask : How are they doing?

Public debt went up from 69% of GDP in 2010 to 92% in 2016.
That’s not ‘balancing the books’ – just ask Tory Pollster, Lord Ashcroft.

“One of the biggest drivers of the rise in child poverty is policy choices.” – Campbell Robb, chief executive of the Joseph Rowntree Foundation

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