LABOUR’S Budget is set to bring in cuts “equivalent to 88 per cent of the average annual cuts made during the peak austerity years”, according to new analysis from a leading think tank.

The Resolution Foundation report on the UK Budget, published on Thursday, also warned that Labour are set to oversee the second-worst levels of household income growth on record over this parliamentary term – second only behind the previous Tory government.

In its analysis of Rachel Reeves ’s spending plans, the think tank looked at the “Government’s preferred measure of living standards, real household disposable income (RHDI)”.

It said: “RHDI per person is forecast to have grown by 0.5 per cent a year on average (or £740 in total) by the end of the Parliament. This would be an improvement on the nega

See Full Page