Chancellor's tax cuts benefit top 1%, Labour says
Speaking ahead of Labour's party conference, Ms Rayner called the plans "grossly unfair" and "a very dangerous gamble on our economy and future generations".
The think tank also said the chancellor was "betting the house" by putting government debt on an "unsustainable rising path". Responding, Mr Philp said the IFS analysis "involves speculation about what future budgets may do with the various tax thresholds". The richest 5% will see their incomes grow by 2% next year , while the other 95% of the population will get poorer, it said.
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