Now the real economic pain starts: yes, it’s ‘worse-off Wednesday’
Wednesday 6 April was the day that the budget cuts came home to roost: I am sorry to offer such depressing news but according to this article, the middle classes will be hit especially hard.
It continues: “A family with three children where each parent earns £26,000 will lose some £1,700 a year, and thousands more if their salaries fail to keep up with inflation. Even the Chancellor’s concessions on fuel duty are being eaten up by higher inflation almost before they begin: rising world oil prices have already wiped out the 1p fuel duty cut announced in the Budget.”
I think there are some costs which will disproportionately hit rural communities notwithstanding the easing off on fuel duty and dont forget in terms of the points made about salaries failing to keep pace with inflation that rural areas are far more heavily dependent on the public sector – which is facing and experiencing significant job losses.
Perhaps time to have a look again at the rural vulnerability index Dan Bates and I have developed to see how vulnerable your economy is.
You can find it on the local authority pages of the RSN website or I can send it to you if you ask me nicely.