Revealed: Budget will leave you £744 per year worse off
Originally published by UK Liberal Democrats
Tim Farron, leader of the Liberal Democrats, has attacked the Brexit squeeze budget, saying the government's decision to take us out of the Single Market will cost the average UK household over £700 a year. Meanwhile, the Chancellor has clobbered "white van man" with £193 increase by next year in National Insurance charges.
Liberal Democrats calculate households will be £744 pounds a year worse off. Average disposable incomes are forecast to be £29,465 a year by 2020 but they would have been £30,209 without Brexit.
Tim Farron said: "This is an OmNICshambles. This slimmed down budget is only 64 pages long but shows the slimmed down ambition of this government. They are short of cash, short of ideas and short on ambition. Everything today, was overshadowed by a massive Brexit black hole at the heart of the Treasury's forecasts.
"They have ignored the plight of the NHS, showing you can't have a hard Brexit and a strong NHS. And they have broken the spirit of their manifesto commitments.
"This government is giving tax cuts to the richest and tax hikes for hard-working entrepreneurs. Targeting the self-employed by hitting white van man with a tax hike betrays Theresa May's pledge to help the just about managing.
"If that were not bad enough, many public sector workers suffering a pay cap will be almost £3,000 a year worse off by 2020 - another painful example of the Brexit squeeze, caused by the Conservative Brexit government."
These calculations are based on OBR figures by taking the average household disposable income (£26,300) and multiplying it by the officially projected percentage change in average earnings.