Who are the winners and losers from Rachel Reeves' Budget?

"Rachel Reeves has raised taxes again in her latest Budget. Though she conceded that "ordinary people" will contribute more in tax in the coming years, the chancellor has also argued it will require those with the "broadest shoulders" to pay more. Ms Reeves has also stressed that other measures in the Budget - such as freezing rail fares in England and fuel duty across the UK and removing some costs from domestic electricity bills - will ease the cost of living squeeze for many families."

"The impact of the Budget will depend on the individual characteristics of each household. For instance, someone on a low income who does not have more than two children will not benefit from the scrapping of the two child benefit cap. And someone on a modest income who drives an electric vehicle would be hit by the new mileage charge for EVs. Similarly, someone on a higher income who gets a lot of mileage out of their petrol car or uses a lot of energy"

Rachel Reeves raised taxes while also introducing targeted measures intended to ease the cost-of-living squeeze, including freezing rail fares in England, maintaining fuel duty across the UK, and removing some costs from domestic electricity bills. The government estimates scrapping the two-child benefit limit will cut relative child poverty by 450,000 and raise average incomes in affected families by £5,310 a year. The overall impact varies by household characteristics: low-income households without more than two children may not gain, electric vehicle users could face new charges, and energy- or fuel-intensive higher-income households may benefit more. The Resolution Foundation finds lower-income households are more likely to benefit, while higher-income households are more likely to lose out.

Read at www.bbc.com