INCOME INEQUALITY

That this House is appalled that Britain's poorest households will be the biggest losers from the Coalition's austerity programme; notes that the influential Institute for Fiscal Studies reports that incomes for the poorest tenth of the population will drop by 4.5 per cent over the next four years while the richest one per cent will see their incomes rise; further notes that most of the pain for lower income groups is still to come because they are the most affected by cuts to benefits and tax credits; points out that this will inevitably lead to a sharp rise in income inequality; and condemns the Coalition's punishment of the poor for the benefit of the rich.