Poorest and Pensioners hit hardest

Amplify’d from www.telegraph.co.uk

Budget hits families and pensioners twice as hard

The Institute for Fiscal Studies says the two groups will lose much more of their income than childless couples over the next four years because of the Coalition’s tax and benefit changes.

According to the institute, the country’s leading economic think tank, this isbecause the increase in VAT and other taxes combined with changes to thebenefit system will disproportionately affect pensioners and families.

However, while the institute’s analysis confirms Treasury forecasts that every section of society will be worse off as a result of the Budget, it indicates a large disparity in how it affects different people. The wealthiest 10 per cent of families with children — those with household earnings of about £100,000 a year — will lose a total of 6.68 per cent (£6,658) of their annual income. Read more at www.telegraph.co.uk

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