Rachel Reeves's Budget Faces Criticism Over Impact on Low-Income Families and Market Reactions

The Chancellor's fiscal plan, including a hike in National Insurance and stamp duty, raises concerns about wage growth, rental markets, and borrowing costs.

• The Office for Budget Responsibility (OBR) report indicates that the rise in employers' National Insurance will largely fall on workers, impacting wage growth and living standards.
• Economists warn that low-income families could suffer due to stagnant real wages and increased cost of living stemming from the Budget's tax measures.
• The Budget's increase in stamp duty on second homes may reduce rental property supply, potentially driving up rents and worsening the housing crisis.
• Government borrowing costs have risen, with market jitters reflecting concerns about the fiscal sustainability of the increased spending and borrowing.
• Despite criticisms, the Budget commits significant funds to public services like the NHS and education, with the government defending the measures as necessary for economic stability.

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