George Osborne’s “one-nation” Budget will leave the poorest households in Britain “unequivocally” worse off, according to a respected think-tank.

In his speech on Wednesday, the Chancellor suggested that the boost to incomes from his new national Living Wage would leave ordinary families with a higher standard of living.

But the Institute for Fiscal Studies said that the Budget would actually make the poorest 10 per cent of families about £800 a year worse off by 2019.

The changes overall are regressive: taking much more from poorer households than richer ones.

  • Paul Johnson, director of IFS
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