UK Tory Budget Closest to Last Labour Government: Economistson October 28, 2021 at 3:04 pm

The UK budget is more in keeping with the last Labour government than the previous Tory administration, according to a leading economic think tank. In its analysis of yesterday’s spending review, the Institute for Fiscal Studies (IFS) said that the measures, which include raising taxes to the highest for 70 years were “almost entirely” unrelated to the pandemic. “The worry for the government is that, for all the chancellor’s upbeat delivery, the voters may not get much feelgood factor,” said IFS Director Paul Johnson, in his opening remarks of a lengthy analysis of the budget on Oct. 28. “High inflation, rising taxes, and poor growth, still undermined more by Brexit than by the pandemic, will see real living standards barely rising and, for many, falling over the next year.” Another economic think-tank, the Resolution Foundation, calculated that with the new budget, households will pay an extra £3,000 ($4,141) every year …

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