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politics1d ago
A million more pensioners will be hit to help pay for benefits boom
- UK tax burden expected to hit a post‑war high by the end of the decade, per the OBR analysis.
- One million more pensioners are expected to pay tax due to threshold freezes, the OBR says.
- Welfare spending is forecast to rise by £18 billion this year and surpass £400 billion by decade’s end.
- The OBR notes the long freeze on tax thresholds drags more pensioners into income tax.
- Chancellor Jeremy Hunt argues the plan delivers economic stability and inflation control.
- Opposition critics warn tax rises could deter work, saving, and investment.
- Labour defends plan as ‘the right plan’ to reduce living costs and borrowing costs.
- OBR reduces growth forecast for the year, complicating fiscal outlook.
- Ministers say tax changes fund public services and welfare amid higher costs.
- OBR expects unemployment to rise to 5.3%, matching pandemic highs.
- The article frames the issue as a political debate over who should pay higher taxes.
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