MOSCOW (Sputnik) — The Conservative’s economic plan spells lower earnings for working households while sparing the super-rich and big corporations, the UK shadow chancellor said Thursday.
In the analysis of Chancellor Philip Hammond’s Autumn Statement plan for UK’s post-Brexit economy, the Institute for Fiscal Studies (IFS), the UK’s leading economic researcher, predicted real wages would remain below 2008 levels until at least 2021.
"The so-called ‘long-term economic plan’ has meant long-term decline in living standards for working people even as the super-rich and the big corporations are given large tax giveaways," the Labour Party’s John McDonnell wrote.
McDonnell also accused Hammond of "betraying" lower-income families, who will see benefit cuts in the next few years, after previously failing to raise the national living wage to the level promised or secure more funding for the National Health Service.
