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Tuesday, 6th October 2015

UK: An Assessment of the Potential Compensation Provided by the New ‘National Living Wage’ for the Personal Tax and Benefit Measures Announced for Implementation in the Current Parliament

 

Source: Institute for Fiscal Studies (UK)

From Press Release:

The July 2015 Budget ...announced a substantial increase in the national minimum wage for those aged 25 and over, which the Chancellor described as a new “National Living Wage” (NLW).

New analysis by IFS economists...analyses the extent to which the new NLW will compensate for the losses caused by the tax and benefit reforms for different types of households in 2019–20.

Among households with someone in paid work, those eligible for benefits and tax credits are estimated to lose an average of £750 per year from the changes to tax and benefits. On the other hand, the average gain from the new NLW for this group of 8.4 million working-age households is estimated to be £200 per year. This suggests that the new NLW will, on average, compensate for 26% of the losses this group of working households will see from changes to taxes, tax credits and benefits. They will remain £550 worse off per year, on average.

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Having begun his career in academic libraries, Adrian Janes has subsequently worked extensively in public libraries, chiefly in enquiry work as an Information Services librarian. In this role he has had particular responsibility for information from both the UK Government and the European Union. He wrote a detailed report on sources for the latter which was published by FreePint in 2007, and has contributed articles to FreePint and ResourceShelf. He is involved in training in information literacy and the use of online reference resources.

A Contributing Editor to DocuTicker, he also write reviews for Pennyblackmusic.

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