‘Scattergun’ budget will still leave Britons facing higher energy bills, says leading thinktank
Summary
The Resolution Foundation said John Healey’s budget would not prevent many households from facing higher energy bills than during the previous energy price shock. It said support was poorly targeted and projected that typical disposable incomes would fall by £1,050 by the end of the parliament in 2028-29.Key Facts
- The foundation estimated that the poorest half of households would gain an average of £158 from support this year and next, compared with £144 for the richest half.
- Budget measures include removing standing charges from gas bills and providing £100 energy payments to up to 20 million households in council tax bands A to D.
- The foundation said eligibility for energy support still relies on property valuations that are 35 years old.
- It forecast that typical disposable incomes would fall by £1,050 between now and the end of the parliament in 2028-29.
- The foundation said the projected increase in typical disposable incomes over the full five-year parliament would be £600.
- Healey said the budget aimed to cushion the impact of rising inflation and support economic growth.
- The budget also included tax breaks for high street businesses and higher taxes on banks and gambling.
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