Hidden in the budget: We face the longest fall in living standards for 60 years

Now the numbers have been crunched from Tory Chancellor Philip Hammond's Budget the brutal truth beneath the honeyed words about the end of austerity has come out, Writes John Rees
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  • Living standards are due to fall for the longest period in 60 years.
  • The decline in living standards will be longer than that which followed the financial crash of 2008.
  • Real household income will fall in every quarter from here to 2020.
  • Half of the welfare cuts that hit family budgets are yet to be rolled out.
  • The poorest third of households will lose £715 a year, while the richest third gain £185 by 2022.
  • Half of income tax cuts go to the top ten per cent of households.
The Resolution Foundation think tank took the Chancellor's own figures from the Budget to reveal what the Tories really have in store for working people.
 
Beneath the spin the truth is the polar opposite of Theresa May's claim that 'austerity is over'. Its not, and its going to get worse.
 
The Resolution Foundation report rubbished a whole series of Hammond whoppers from the Budget. Hammond claimed that Universal Credit will decrease inequality. The Foundation says it will increase inequality.
 
Hammond said his stamp duty changes would help a million people looking for homes. The Foundation say that the real figure is 3,500.
 
The richest tenth of households are set to gain 14 times as much in cash terms next year from the income tax and benefits giveaways in the Budget as the poorest tenth of households (£410 vs £30).
 
But what the Resolution Foundation doesn't go into is the political and social effects of all this. Lies on this scale corrode the political process and disillusion voters. It makes some desperate people easy prey for the far right.
 
The whole labour movement must provide a better response than this, and fast.
 
That's why the People's Assembly has launched it's new campaign: Britain is Broken, We Can't Afford the Tories.
Our campaign launch is coming up. Do support it.
And help us build rallies around the country where we can co-ordinante the fightback. Contact us to help build the resistance.
office@thepeoplesassembly.org.uk
You can donate towards this campaign here. All donations will go towards venue hire, national speaking tour, publicity and a national mass mobilisation in Spring 2019.
Solidarity.

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