Budget: UK on track for ‘disastrous decade’ of income stagnation

Thinktank says taxes as share of GDP are on course to reach 70-year high but public services are being cut

• Budget 2023: key points at a glance

The UK remains on track for a disastrous decade" of stagnant incomes and high taxes, despite cuts to public services, the Resolution Foundation has said in its analysis of the budget on Wednesday.

The thinktank, whose stated aim is to improve the standard of living for low- and middle-income families, said typical household disposable incomes were on course to be lower by the end of the forecast period in 2027-28 than they were before the pandemic, when inflation was taken into account.