{"id":1575,"date":"2016-11-02T11:09:00","date_gmt":"2016-11-02T11:09:00","guid":{"rendered":"http:\/\/www.bainesjewitt.co.uk\/blog\/?p=1575"},"modified":"2016-11-02T11:09:00","modified_gmt":"2016-11-02T11:09:00","slug":"hammond-urged-to-reverse-osbornes-successive-cuts-in-autumn-statement","status":"publish","type":"post","link":"https:\/\/www.bainesjewitt.co.uk\/blog\/hammond-urged-to-reverse-osbornes-successive-cuts-in-autumn-statement\/","title":{"rendered":"Hammond urged to reverse Osborne\u2019s \u201csuccessive cuts\u201d in Autumn Statement"},"content":{"rendered":"<p>Chancellor Philip Hammond has been urged to use his forthcoming Autumn Statement to reverse a string of \u201csuccessive cuts\u201d introduced by his predecessor George Osborne.<!--more--><\/p>\n<p>The comments come from think tank The Resolution Foundation, which says that Osborne\u2019s drive to cut corporation tax and increase the income tax threshold are likely to prove harmful for the UK in the long term.<\/p>\n<p>According to the think tank, raising the income tax personal allowance will have provided the average low earner with approximately \u00a3765 by 2020 \u2013 but 80 per cent of all gains from the policy will \u2018benefit high earners only\u2019.<\/p>\n<p>Matt Whittaker, chief economist at the Resolution Foundation, said: \u201cWith the Chancellor indicating that he will press the \u2018fiscal reset\u2019 button in his Autumn Statement, now is the time to rethink the Government\u2019s tax policy.<\/p>\n<p>\u201cThe \u00a332bn worth of tax cuts announced since 2010 has been the difference between the Government hitting and missing its deficit reduction targets in the last Parliament, or indeed in this one.<\/p>\n<p>\u201cTax cuts on this scale have clearly played a role in supporting household incomes, though around four-fifths of the \u00a321bn due to be spent on raising the personal tax allowance by 2020 will have actually gone to the richest half of households\u201d.<\/p>\n<p>Resolution also questioned the \u2018wisdom behind\u2019 cutting corporation tax to one of the lowest rates among the world\u2019s largest economies at a time when the UK is still attempting to balance the books on public spending.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chancellor Philip Hammond has been urged to use his forthcoming Autumn Statement to reverse a string of \u201csuccessive cuts\u201d introduced by his predecessor George Osborne.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1575"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=1575"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1575\/revisions"}],"predecessor-version":[{"id":1576,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/1575\/revisions\/1576"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=1575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=1575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=1575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}