Autumn statement tax cuts favour richest 20%, thinktank analysis finds

Resolution Foundation says top fifth to get £1,000 – five times poorest 20%, compounding ‘20 years of pay stagnation’

Tax cuts worth £20bn in Jeremy Hunt’s autumn statement favoured the richest 20% of earners, undoing much of the progressive policy changes made during the parliament’s first half, a leading thinktank has found.

The top fifth will gain £1,000 on average, five times the gains seen by the bottom 20%, who will be only £200 better off from measures that include a 2p cut in national insurance, according to the Resolution Foundation’s analysis.