The independent Institute for Fiscal Studies, not a leftist organisation by any stretch of the imagination, has produced an important reaction paper to yesterday’s “emergency” Budget. And contrary to the conventional wisdom, it says the Budget was “somewhat regressive” and adds that the (definitely regressive) VAT cut was “not unavoidable”.
This seriously undermines George Osborne’s rhetoric around the moves, including that they were indeed “unavoidable” and that the Budget was “progressive” — a claim that the IFS describes as “debatable”.
Read the whole report here.
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