Introduction: Richest benefit most from autumn statement
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Richer Britons benefit most from yesterday’s autumn statement, new analysis of Jeremy Hunt’s announcement shows.
The Resolution Foundation have calculated that around 40% of the gains from the tax and benefit measures announced yesterday will go to the richest fifth of the population.
Those measures include cutting the main 12% rate of employee national insurance contributions by two percentage points to 10% from January, the start of an election year.
The top 20% will gain £1,000 on average from Hunt’s changes, five times the £200 gains seen by the bottom fifth, Resolution says.
The IPPR came to a similar conclusion too – they worked out yesterday that for every £100 Jeremy Hunt spent on personal tax cuts, £46 will…
