£1.20? Is anyone else surprised that the Chancellor isn’t noshing on expensive artisanal baked goods? The BBC reporter certainly was, as her follow-up question probed which type of bread the Chancellor puts in his basket.
“It’s a Hovis kind of seeded thing,” he said. “We all have different breads in my house, there’s a degree of healthiness between my wife, myself, and my kids.”
Christ. Like a contestant on a daytime quiz show.pic.twitter.com/skA1q52aMR
— Brendan May \ud83c\uddfa\ud83c\udde6 (@Brendan May \ud83c\uddfa\ud83c\udde6)
He promised the first cut in basic income tax by a Conservative chancellor for more than 25 years but came with economic forecasts that confirmed the UK was heading for its highest tax burden since the late 1940s, as well as the biggest drop in disposable income since records began in the 1950s.
This would be the highest level for more than 30 years – just short of the 7.5 per cent reached in 1991, when the UK was in the middle of a recession and John Major was prime minister of a Conservative government.
At the Budget last October, inflation in 2022 was forecast to average 4.0 per cent this year.
The sharp jump in the forecast, to 7.4 per cent, reflects how quickly the state of the economy has changed in the past few months, thanks to the surge in the cost of living.
Around 1.3 million more people will be pulled into poverty because of the rising cost of living, according to the Resolution Foundation.\n\nChancellor Rishi Sunak MP tells #BBCBreakfast those on low-incomes are \u2018a priority\u2019 for the government.\n\nhttps://bbc.in/3twp9Hz\u00a0pic.twitter.com/nJqFbmbnfk
According to economic think tank Resolution Foundation, approximately 1.3 million people will be pushed into “absolute poverty” next year amid criticism that the Tory MP has done “nothing at all for the people at the very bottom” in his spring statement.
Greg Thwaites, who works for the organisation, told BBC Breakfast: “It’s hard to overstate the cost-of-living crisis that this country faces.
“We’ve got the biggest fall in living standards on record in over 60 years… and the highest inflation rate in 30 years.”
Thwaites said most Government support was going to “the top half of households”.
“He’s done nothing at all for the people at the very bottom,” he said.
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