The Hangover
FUTURE LOOKS GRIM AS BUDGET SINKS IN
HORRIFIED Brits have woken to the realisation they face years of tax hikes and spending cuts.
Chancellor Jeremy Hunt has admitted the country faces a “challenging” two years in the wake of his nightmare budget.
He insisted the cash-saving measures he announced on Wednesday were essential to get the economy “on an even keel”.
The average household will be 7.1% worse off, according to the independent Office for Budget Responsibility.
But the Chancellor stopped short of abolishing the controversial non-dom status that allows the super-rich to avoid tax.
Last night senior Tories laid into Mr Hunt for raising taxes instead of bearing down harder on public spending.
And the Institute for Fiscal Studies warned the nation is in for a “long, hard, unpleasant journey.” Director Paul Johnson said: “The truth is we just got a lot poorer.”
Meanwhile, the Resolution Foundation last night said the budget will drag Britain into a two-decade wage stagnation, costing average workers £15,000.
The think tank warned it will be 2027 before salaries return to 2008 levels.