Personal Income

House of Lords written question – answered on 16th December 2014.

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Photo of Lord McAvoy Lord McAvoy Opposition Whip (Lords), Shadow Spokesperson (Northern Ireland), Shadow Spokesperson (Scotland)

To ask Her Majesty’s Government what is their response to the report by the London School of Economics and the Institute for Social and Economic Research at the University of Essex on changes to benefits, income tax and income distribution.

Photo of Lord Deighton Lord Deighton The Commercial Secretary to the Treasury

The distributional analysis published alongside Autumn Statement 2014, and at every fiscal event since the government came into office, represents the most complete, rigorous and detailed record of the impact of this government’s policies on households. Unlike other analyses, it looks not only at the effect of direct tax and welfare decisions, but also the impact of changes to indirect tax (such as the freeze to fuel duty) and changes to spending on public services.

This analysis clearly shows that the richest households have made the largest contribution towards reducing the deficit. In fact, by 2015-16 the net cash contribution to reducing the deficit of the richest 20 per cent will be larger than the net contribution of the remaining 80 per cent put together.

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