Chancellor Reeves’ first budget - the second-largest tax-raising budget since World War II – was essentially a transfer from private sector employers to public sector employees through one of the largest-ever rises in employment taxes. Her second budget will be seen as a wealth transfer from the middle classes to fund welfare increases through the fiscal drag of freezing income tax thresholds. The Budget itself was largely as expected. In fact, the OBR's fiscal shortfall was less than most feare ....
