Pay more tax, get less in return: this budget lays bare the bleak reality of Britain’s economy | Gaby Hinsliff

Jeremy Hunt didn’t mention that living standards may fall by 7% over the next two years, leaving many people treading water

Sometimes it feels as though you’re running ever faster just to stand still. No matter how hard you work or how careful you are with money, it’s never enough. Life feels more of an uphill struggle than it was, for reasons you can’t always identify, especially if you have in the past been comfortable enough. That feeling of treading water is already grimly familiar to many Britons and will shortly become familiar to an awful lot more.

What Jeremy Hunt didn’t spell out in today’s autumn statement was that living standards are forecast to fall by 7% over the next couple of years, according to the independent Office for Budget Responsibility. Imagine turning the clock back to 2013, but not in a good way. Inflation will remain uncomfortably high well into next year, as protection from high energy bills is scaled back. Taxes will rise over the next six years via a stealthy freeze in the tax-free allowances applied to everything from earnings to inheritances and national insurance contributions, so over time a greater percentage of whatever you have is sucked into the taxman’s net.

Gaby Hinsliff is a Guardian columnist

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@MaryWordsworth1

@RBReich I saw the same statistics.I feel 1%ers pay more than try to get tax sheltered;the lower middle class &the… https://t.co/SvFgb6acix

Posted on: 2022-11-27 18:14

@Morax_Poh1

@Rawrsefii @StatmanStu @MKRealtyLife @RBReich That is the intention of the system. SCOTUS called it a tax. You can… https://t.co/nTY8ZU1hCA

Posted on: 2022-11-27 17:53

@Pdiddy02069290

@smotruky @CulDeSacHero @gmbutts Take every penny? I assure you I pay much more in taxes than I take from the syste… https://t.co/79fF7xcvH3

Posted on: 2022-11-27 17:36

@waggytailkobe

@ScottforIndi @thetimes No. I'm saying if my son is expected to pay back cost of his accommodation at age 17 starti… https://t.co/xqKenYszA7

Posted on: 2022-11-27 17:26

@KeithAr93433268

@Soldiermomma2 No problem, they'll just get the federal govt. to add 3 million more to the Alberta transfer tax to pay for it............

Posted on: 2022-11-27 17:06

@Ted_Wellread

@DeborahMeaden Legacy of open borders to 10poor exCommunist countries 6m unskilled migrants getting more benefits… https://t.co/3GOMJgIJqK

Posted on: 2022-11-27 16:57

@vereinscius

@awri125 @DanAlbas No, essentially that is the amount that is returned in the federal carbon tax system. Essentiall… https://t.co/6bTKkXeh31

Posted on: 2022-11-27 16:35

@DutchShultz1968

@NotATweeter17 @auteurtheory__ @POTUS Wrong! More funding? BS! Companies have accountants/lawyers to take advantage… https://t.co/Xr3RsNOI19

Posted on: 2022-11-27 16:10

@Hendu0520

@APompliano And when they give birth to these 4 or more children who will take care of them? Seems like a catch 22.… https://t.co/j5M0zVMCzs

Posted on: 2022-11-27 16:03

@dlonorse

RT @dancofran: @MarkJacob16 Yes. To go after Republican tax cheats. That’s 87,000 over ten years to make up for the thousands of agents Rep…

Posted on: 2022-11-27 15:59

@lolwabwunni

@Loading_U3U i can help you make a gamepass? just so you don’t lose more robux because I’ll pay tax for the trade b… https://t.co/JjwbTtj3xS

Posted on: 2022-11-27 15:50

@john_consult

@RichardGahagan Now I wonder what we could do to get more people into the workforce, to fill those vacancies and pay into the tax pot?

Posted on: 2022-11-27 15:40

@VirgilHilts11

@SocialistNHS No, hope they sack the f#king lot of you, heaping more misery on the tax paying public. If you're tha… https://t.co/bJExE38Wkw

Posted on: 2022-11-27 15:17

@Marcd532

@RBReich Trickle-down economics also lowers inflation. It makes you dollar last longer, enabling you to get more b… https://t.co/GuZFXtdKI0

Posted on: 2022-11-27 15:04

@dancofran

@MarkJacob16 Yes. To go after Republican tax cheats. That’s 87,000 over ten years to make up for the thousands of a… https://t.co/dOC4hPuVt0

Posted on: 2022-11-27 14:33

@WHU_KennyDJ

@WHUgameday i mean i hate cycle lanes particularly in london they get more of the road than the cars yet pay no tax… https://t.co/Ab4BFGT8B5

Posted on: 2022-11-27 14:27

@freeagent

Once you’ve filed your #SelfAssessment tax return, you’ll get a bill showing the tax you owe 💸 We go through the di… https://t.co/JdZhRAJ3NE

Posted on: 2022-11-27 14:25

@KenevieJohnson

@RonFilipkowski Robert Reich has it partially wrong. Trickle down economics works. Rich people have to spend for wo… https://t.co/b9KY4iQuvU

Posted on: 2022-11-27 14:20

@inerati

bonus of this is that you can still claim it’s like not actually spending money and call it “lowering taxes” instea… https://t.co/dsJR1rpHFn

Posted on: 2022-11-27 14:12

@KETTLE47

@MayorofLondon I am lucky not in live in London, charging more people to go home is another tax on hardworking peop… https://t.co/Up0OhIU81m

Posted on: 2022-11-27 14:06

@SheilaStenhouse

RT @lincs67: @GBNEWS @teflonsteph The NUDGE department is working on overdrive , I truly feel right now we are being gaslighted by the @Con…

Posted on: 2022-11-27 13:59

@ROCE1900

No point voting Tories if you get huge tax rises on the majority of the population. Cuts in CGT rates are wealth t… https://t.co/Z5tBWS0wqj

Posted on: 2022-11-27 13:39

@OxymoronicE

@RachelNotley A public/union project? Non-union workers have taxes go to project (get tax credit). Union jobs with… https://t.co/8u8ZvNNAxP

Posted on: 2022-11-27 13:31

@DarbonJean

RT @Charles89344001: @sandieshoes As a private sector worker my taxes fund their pay, so in reality I must pay more tax if they get a subst…

Posted on: 2022-11-27 13:18

@Gorman_JG

@WritesBright Well a pay rise is recurring for a start, a write off is once off and if nurses get 10% then the rest… https://t.co/6cZKr3gMcl

Posted on: 2022-11-27 13:14

@brianhaala

@RBReich So BIG Pharma who’s profits increased more than BIG Oil the only difference is that we as consumers get to… https://t.co/LAY0J41O3O

Posted on: 2022-11-27 13:08

@happyforalltime

RT @mikemorris31: @johnredwood Well one of the reasons why a lot of us tax payers are paying more John, is that a lot of Tory MPs and Tory…

Posted on: 2022-11-27 12:29

@GeorgeSoreArse

What we should do is let in anyone that can get in a boat or a lorry from France and give them their houses instead… https://t.co/WSU8QOtCrx

Posted on: 2022-11-27 12:19

@OurReneArtois2

RT @Charles89344001: @sandieshoes As a private sector worker my taxes fund their pay, so in reality I must pay more tax if they get a subst…

Posted on: 2022-11-27 12:03

@bicycal_life

@600merc @Walayat_Family @BeebsG @theJeremyVine @JoRigby_Balham @carlafrancome @London_Cycling @SafeCycleLDN… https://t.co/C3stl6Dkmx

Posted on: 2022-11-27 11:41

@Nadia32332010

@CountDownDan @macsween_prue @AlboMP @PeterDutton_MP No, b/c feudalism suits THEM - more profits. One business own… https://t.co/pBfRJ9qNeL

Posted on: 2022-11-27 11:22

@WiltlbsC

RT @MartinSLewis: Do you know what your tax code is & if it's correct?MILLIONS are likely wrong meaning ur either - underpaying: so will n…

Posted on: 2022-11-27 11:20

@SilentReturns

RT @Charles89344001: @sandieshoes As a private sector worker my taxes fund their pay, so in reality I must pay more tax if they get a subst…

Posted on: 2022-11-27 10:56

@william13920646

@RealDeniseWelch Yes we should tax so called celebrities more to pay for the nurses rise instead of these so called… https://t.co/azt6BBXFOc

Posted on: 2022-11-27 10:46

@superdupedoodle

RT @Charles89344001: @sandieshoes As a private sector worker my taxes fund their pay, so in reality I must pay more tax if they get a subst…

Posted on: 2022-11-27 10:43