Typical working households face a £1,050 income fall by 2029 after Healey's 'breathing space' Budget, think tanks warn
Sophy Ridge questions Andy Burnham on screen, as the OBR projects net migration rising from 120,000 this year to 230,000 annually by mid-2031.OBR migration projections, as the Chancellor defended his government's record despite forecasts of nearly one million more arrivals than departures over the next five years.
The Office for Budget Responsibility described its own latest economic forecast as a "pretty grim picture," blaming higher borrowing costs and inflation on the US-Iran war. The Resolution Foundation warned that over the full parliament, non-pensioner household incomes would rise by a "paltry" £600 in total, with all the gains front-loaded into Labour's first term. Chancellor John Healey's £100 energy support payment will not offset higher bills, leaving households worse off than during the 2022 energy crisis.
The IFS called this decade the WORST on record for household income growth — a more damning verdict than any previous parliament.
A budget leak that moved bank share prices is now under scrutiny, with the Treasury select committee asking the FCA to investigate whether inside information was improperly released.
Welfare spending is forecast to surge from £333.8 billion this year to £431.3 billion by the early 2030s, with the OBR projecting a near-£100 billion rise inside a decade.
