Kwarteng tax cut likely to give lowest paid just 63p a month, says IFS

Institute for Fiscal Studies says reversal of national insurance rise likely to benefit richest by 150 a month

The lowest-paid workers stand to gain just 63p a month while the richest could get back 150 a month from tax cuts likely to be outlined by the chancellor, Kwasi Kwarteng, this week, analysis has found.

The Institute for Fiscal Studies (IFS) has produced data suggesting the full reversal of the rise in national insurance is likely to benefit most those who earn more than 100,000, and will barely help the poorest 3m households.