Rachel Reeves: “This is a tax-raising Chancellor. The tax burden is the highest it’s been since the 1940s, by the end of the Parliament seven out of eight people will be paying more tax'
“However, he has not taken the opportunity to protect the poorest more fully simply by uprating their benefits more closely in line with actual inflation. His choice to increase National Insurance rates and reduce the basic rate of income tax looks indefensible from an economic point of view, though one can see the political attractions.”
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