Business and Politics

Rishi Rearranges Deck Chairs

Rishi Sunak’s Spring Statement did very little for anyone other than raise their awareness of how bad things are going to be.

Labour saw it as a missed opportunity and shadow chancellor Rachel Reeves ridiculed the chancellor for continuing to profess to be a tax cutting chancellor – while raising taxes. His ‘rabbit out of the hat’ of 1p off income tax in two years time was seen as risible – and a real hostage to fortune.

However the glaring omission were those who are already on the brink as defined by the Joseph Rowntree Foundation in their UK Poverty 2020 report

  • part-time workers, low-paid workers
  • Black, Asian and minority ethnic households
  • lone parents
  • private renters,

Rishi’s golden boy image from the pandemic is beginning to look a little tarnished. His very generous funding for PPE; furlough payments up to £2,500 a month and money wasted on track and trace. All this has give the UK the highest level of borrowing since WWll and with interests rates rising this will become a millstone around the chancellors neck.

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