This was a terrible budget for most people in the UK. For sure, it protected pensioners and those on benefits and the minimum wage. It was also great for those with wealth - who will enjoy much higher interest rates on their savings. But for everyone else it was dire.
The failure to increase tax bands that say when tax must start to be paid in line with inflation will increase taxes for most people in work by around £250 a year, whilst national insurance might go up by over £150 for the same reason. And it has been announced that these limits won’t change again until 2028, meaning this pain is going to last for years.
On top of that was grim news on energy prices - which will probably increase by over £600 a year from next autumn.
