Jeremy Hunt insists his Budget will get young parents and over-50s back into work
“And it will not just benefit the rich who are saving for retirement”. Some people pretend to believe him…
Chancellor Jeremy Hunt has announced his first budget, stating that he will fill one million job vacancies in the UK and bring over 50s, parents of young children, and those with disabilities back to work.
To make this happen, Hunt plans to expand free childcare and remove the £1m limit on tax-free pension savings, which Labour argues will only benefit the richest 1%.
The Office for Budget Responsibility predicts that these policies will add around 110,000 people to the UK workforce, which still faces inflation of 2.9% by the end of 2023 but avoids a recession.
Meanwhile, living standards are still anticipated to fall by a large margin; the economy is predicted to return to growth, but house prices may fall by 10% by 2025.