The National Institute of Economic and Social Research (NIESR) called on the Government to increase public investment rather than implementing tax cuts, ahead of the autumn statement.
Britain could face a decade in the economic 'doldrums' if Jeremy Hunt gives in to Tory pressure for tax cuts instead of investing in public services, experts warned today.
The Chancellor is facing a mounting clamour to bring forward eye-catching tax cuts at the Autumn Statement on November 22, with concerns that could be the last opportunity to avoid an election disaster. The NIESR said the real incomes of families in the bottom half of the income distribution will be around 5 per cent lower in the 2024 financial year compared with the year ending March 2020.
The real incomes of families in the bottom half of the income distribution will be around 5 per cent lower in the 2024 financial year compared with the year ending March 2020. The NIESR predicted that interest rates would not go higher than today's 5.25 per cent base rate, and will settle at between 3-3.5 per cent.
It came as a charity revealed it had given out a record 1.5 million emergency parcels in a six-month period, including for tens of thousands of first-time users, in statistics described as 'extremely alarming'. More than half a million parcels were for children in the latest period, compared to 487,884 in the same six months last year, and 370,575 in that period in 2021.
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