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Theresa May warned some local authorities fear they will be “hit with significant costs” linked to social care changes, before advising the Government to not lose sight of the long-term plan while dealing with the backlog. Warning local authorities fear they will be 'hit with significant costs' “That has taken the tax burden from below 34% to above 36% by the end of our forecast period, which will be the highest level we have seen in this country since the late 1950s.” “It actually took two chancellors back in 1993 to raise this much tax – it was Norman Lamont and Ken Clarke in their two 1993 budgets after Black Wednesday. “He has actually, between the announcements he made back in March on corporation tax and the announcement he made in September with the rise in National Insurance and the new health and social care levy, the Chancellor has raised more in taxes this year than in any year since 1993. Speaking to BBC Radio 4’s PM programme, Richard Hughes said: “It is hard to understate just how much tax the Chancellor has raised over the course of the past 12 months. The Office for Budget Responsibility (OBR) chairman has said the last time taxes were put up so much in a single year, there were two chancellors responsible for the hikes. Office for Budget Responsibility chairman comments on Budget “Everybody that is on UC, because the Government said they are not expected to be working or they are temporarily not working, won’t receive anything from this but will have seen their income fall by £1,000 a year.” “What it doesn’t do is fully compensate for the £20 a week reduction in Universal Credit that is actually still taking place as we speak – it is happening over the course of the month.
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“So, he has identified a real problem and the size of the reduction in the Universal Credit taper rate that he has introduced is really quite significant – 63p down to 55p – so I think it does identify a big problem and he has put down a lot of money to try and answer it. “If you think about who people think pays the highest taxation rate in this country, lots of people will think that is the highest earners who pay the 45p band of income tax, but, actually, if you are on Universal Credit, you lose 63p in lower benefits for every extra pound you earn, and if you also pay national insurance and income tax, you lose 75p in every pound. Speaking to BBC Radio 4’s PM programme, Mr Bell said: “I think it is definitely very welcome. Torsten Bell, chief executive of the Resolution Foundation, said the reduced Universal Credit (UC) taper rate announced in the Budget would not “fully compensate” the removal of the £20 weekly uplift. 'What it doesn’t do is fully compensate for the £20 a week reduction in UC' It’s clear this Chancellor’s priorities are not the priorities of the British people.” “No doubt bankers will be toasting their tax cut and the Chancellor’s decision to reduce the bankers’ surcharges with cheaper bubbly tonight. Meanwhile, Liberal Democrat MP Christine Jardine (Edinburgh West) condemned the Chancellor’s decision to slash the surcharge for bankers, saying: “How can it be that NHS and care workers are facing a £900 million tax hike while banks are, as he (Rishi Sunak) said, been given a £900 million tax cut? “I do think their focus now needs to be on growing the economy and making the UK the most competitive place it possibly can be rather than seeing taxes rise, expenditure increase and risking the private sector not being able to flourish and build that optimistic vision that the Chancellor laid out.” He told the House: “There is a huge amount within the Chancellor’s announcement today to be applauded, I commend him and the Treasury team and I wish them well. Focus should be on “growing the economy” rather than “seeing taxes rise”, says MPĬonservative former cabinet minister Robert Jenrick said that while he welcomes Rishi Sunak’s Budget, he believes his focus should be on “growing the economy” rather than “seeing taxes rise”.