Cost of living: Is the government package really worth £37bn?

Cost of living: Is the government package really worth £37bn?

May 27, 2022 by BBC

Key Facts

  • The £37bn is a combination of £15bn just announced, and £22bn announced previously, mainly in the chancellor's Spring Statement.
  • The point at which people start having to pay income tax and the higher rates of income tax has been frozen, which means more people are finding themselves having to pay income tax and more people are having to pay higher rates.
  • The Institute for Fiscal Studies calculates that taking account of previously announced tax increases knocks about £18bn from the value of the package, leaving it at £19bn.
  • The government can't argue that only the cuts from the Spring Statement were included in the £22bn, because the figure also included changes to the taper rate for universal credit, which were announced in the Autumn 2021 Budget.

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