Kwarteng’s plan causes growing painsPosted: September 23, 2022 Filed under: Budget, Cost of living, Housing market, Stamp duty | Tags: Conservative Party, Kwasi Kwarteng Leave a comment
Originally written as a column for Inside Housing.
So, after 10 years of redistribution and socialism under David Cameron, Theresa May and Boris Johnson, now we know what a proper Conservative government looks like.
The biggest package of tax cuts seen in 50 years will cost a cool £45bn and overwhelmingly benefit the highest earners: someone on £1m a year will be around £55,000 better off next year.
The benefits get progressively smaller the less you earn: someone on £20,000 a year will gain just £218 while someone on £200,000 will gain £4,333.
And there is nothing so far for the very poorest: no more help for renters and no boost to Universal Credit.
Instead around 120,000 claimants face having their benefits cut unless they find more part-time hours from January.
There may be some announcements still to come in an actual Budget to follow this Growth Plan, including vital decisions on whether to unfreeze Local Housing Allowance and the benefit cap, but the contrast could hardly be more stark.Read the rest of this entry »