"There's nothing in this Budget that eases our concerns about the hardship that many communities are facing."
That's the view of the CEO of one of the UK's busiest foodbanks, Newcastle West End Foodbank, following Chancellor Kwasi Kwarteng's mini-Budget announcement on Friday morning. A lift on the cap on bankers' bonuses and an axe of the planned rise to corporation tax, which will remain at 19%, are among the changes introduced as part of the new Conservative Government's Budget.
Other changes include a drop in the amount of income tax payable by those earning more than £150,000 a year, from 45% to the 40% applicable to those on over £50,271, as well as plans to make around 120,000 more people on Universal Credit take active steps to seek more and better-paid work, or face having their benefits reduced.
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