Budget 2016: Wealth of super rich soars as the worst-off lose out, report says...

The super-rich have seen their wealth soar since the turn of the century while the worst-off have lost out, research has found, adding weight to calls for George Osborne to delay higher-rate tax cuts and target spare cash towards families on lower incomes.

In advance of Wednesday’s Budget, analysis by Oxfam reveals that the richest 1 per cent of Britons, a group solely comprising millionaires, have received more than a quarter of the £4trn increase in national wealth since 2000.

Meanwhile the Chancellor is preparing to announce a fresh round of cuts to public spending after he warned that the global economic outlook was at its bleakest since the financial crash of 2008.

Mr Osborne is also considering raising the income threshold for the 40 per cent rate of tax, after saying last year that he aims to increase it eventually to £50,000. Full story...

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