3. Sunak& #39;s plans mean taking £1k away from 1 in 3 households in the Red Wall. Lots of new Tory MPs are going to see over 4 in 10 of their constituents lose out
4. When Osborne was cutting benefits employment was rising fast - this time the backdrop is fast rising unemployment. A typical worker had 83% of their income protected by the retention scheme - that falls to 30% on Universal Credit and these cuts will make it just 23%...
5. This is terrible macroeconomics. Just as now is exactly the wrong time to be raising taxes and weakening the recovery, it& #39;s an awful time to be taking £8bn out of the economy by cutting benefits - reducing incomes for the households that actually spend it
A final history lesson? Back in 2015 Boris Johnson led the backlash against George Osborne’s cuts, saying the Chancellor should “make sure that hard-working people on low incomes are protected”. He was right then, and it is all the more right now https://www.resolutionfoundation.org/publications/death-by-1000-cuts/">https://www.resolutionfoundation.org/publicati...
You can follow @TorstenBell.
Tip: mention @twtextapp on a Twitter thread with the keyword “unroll” to get a link to it.

Latest Threads Unrolled: