A leading think tank has published its analysis of the Budget delivered by the Chancellor last week.
The Institute for Fiscal Studies (IFS) this week published its report into the proposals laid out by George Osborne.
Their analysis would seem to support claims made by the former Work and Pensions Secretary Iain Duncan Smith, who sensationally resigned last Friday citing concerns that the package of policies would hit poorer families hardest.
The IFS report said: “Pensioners are protected while poorer working-age households are hit hard, especially those with children.
“This is the result of the continued protection of pensioner benefits (including maintaining the ‘triple lock’ on the basic state pension) while making further deep cuts to working-age benefit spending.
“Households in the upper half of the income distribution (but below the very top) are likely to see little direct impact of tax and benefit changes on their incomes on average, as some benefits cuts and small tax rises are offset by further increases in the income tax personal allowance, and the raising of the higher-rate threshold.”
There has been heated debate over the past seven days and in particular since Mr Duncan Smith’s resignation.
On Monday, an urgent question was tabled in the House of Commons by Shadow Chancellor John McDonnell, who claimed the Budget process had descended into “total chaos”.
Treasury minister David Gauke had defended the Government’s handling of the situation and subsequent retreat on a number of key issues, arguing that ministers were listening to the public.
