Chancellor Jeremy Hunt has announced that rather than cutting tax, as was laid out by his predecessor Kwasi Kwarteng just 1 month ago, the Government will be increasing tax and making cuts to public spending. Benefits will be uprated with pensions in line with inflation, which was not a given and which many of our grantees are pleased with, but some say does not go far enough. A higher Windfall Tax for oil companies is welcome, while higher taxes for more people are less desirable.
As the cost of living crisis continues, how are the Government supporting people through economic turbulence? Our grantees have weighed in and their responses here here provide analysis on the government's announcements today.
Our grantees represent many of the groups experiencing the worst levels of hardship in London - hard-working, low-earning families; people receiving income support and benefits; single parents; women's groups; and children living in poverty. These groups are lined up to be hit hardest by the cost of living crisis, and the sentiment sector-wide is that this month's statement, like the previous statement, has not gone far enough to immediately alleviate, or prepare to alleviate this burden.