British household incomes are enduring their worst decade of growth since records began, leaving workers struggling despite pay rises and frozen tax thresholds.

Chancellor John Healey has cast doubt on whether the government will fulfil its manifesto commitment to equalize minimum wage pay for younger workers before the next election.

Prime Minister Andy Burnham conceded that his first financial statement failed to deliver sweeping economic transformation due to severe fiscal constraints.

Chancellor John Healey has defended his debut fiscal package against criticism from economic forecasters and business groups, as the IFS warns of a severe stagnation in household living standards.

British household incomes are projected to grow by just 2% over the 2020s, marking the weakest decade for living standards since records began.

John Healey has dropped any firm timeline for reducing the national welfare bill during the current parliament as ministers face a £28bn public finance shortfall.

Chancellor John Healey's new Budget has faced criticism from the Institute for Fiscal Studies for leaving the UK exposed to financial shocks with a reduced fiscal buffer.

Chancellor John Healey has warned government departments to prepare for tough spending cuts and difficult choices to fund public commitments and address future spending reviews.

Working-age benefits across the UK are set to increase by at least 3.5% starting next spring, as confirmed by the Department for Work and Pensions.

Capital gains tax is reportedly the leading candidate for a rate hike in the upcoming October Budget as insiders weigh options to rebuild fiscal headroom.

Leading financial watchdogs have warned that the government's new tax and spending plans will achieve nothing to stimulate sluggish national growth.