US EditionLower-income households set to be £500 poorer after chancellor's spring statement
- Lower-Income households in the UK are set to be £500 poorer due to economic issues and announcements by Chancellor Rachel Reeves, according to the Resolution Foundation study.
- Around 10 million working-age households will face an average loss of £500 per year, with significant cuts to benefits impacting the poorest families.
- An investigation found that the Office for Budget Responsibility did not support the claim that households would be £500 better off under Labour, casting doubt on this statement.
- The changes to benefits will push 250,000 people, including 50,000 children, into poverty, as indicated by the government's paper.
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How did the UK's finances get into such a mess and what does the future hold? - The Mirror
The spring statement shone a light on the dire state of the UK finances - but how is it that our debt pile stands at £2.8trillion and we are paying over £100billion a year in interest?
·London, United Kingdom
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Lower-income households set to be £500 poorer after chancellor's spring statement
Living standards are on track to fall over the next five years for the poorest half of households - with the fall on a scale only exceeded by the early 1990s recession and the 2008 financial crisis and fallout.
·United Kingdom
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