Three stories: 🔴Jeremy Hunt's budget leaves household incomes stagnant 🔴UK falling behind other countries on life expectancy measure 🔴Rail strike to bring many train services to a halt
It compared it to the mid-1970s energy shock which saw a recession with a 3.9 peak-to-trough fall in GDP.However, RF pointed to a"disastrous decline in living standards", with typical real household disposable incomes on track to remain lower by the end of the forecast in 2027-28 than they were before the pandemic.
"If even the slow growth of the past decade had continued, incomes would still be £1,800 higher than currently projected for 2027-28," it said.Key moments from Hunt's first budgetRF said taxes as a share of GDP are on track to hit 37.7% by the end of the forecast, a 70-year-high and a 4.7% increase since 2019-20, the equivalent to nearly an extra £4,200 for every UK household.
It said despite this the chancellor only has a quarter of the average fiscal headroom of his three predecessors and would not meet the fiscal targets set by Rishi Sunak, Philip Hammond or George Osborne when they were chancellor.The analysis notes the budget includes the biggest increase in childcare support on record, which it said would encourage more parents to work and make it worthwhile for many to work longer.
RF said under the current childcare system, a single parent of a one-year-old earning the National Living Wage would see their income fall after childcare costs by £370 if they moved from 25 to 35 hours of work a week.The RF said the richest fifth of households are set to gain £180 on average from the extra childcare entitlement, compared to £130 for the middle fifth of households and £20 for the bottom fifth.
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