And more from the same BBC website:
The post-Budget analysis by the Resolution Foundation also warns that poorer families are likely to be hardest hit.
It suggests that the poorest third of households are set to be more than £700 a year worse off, while tax and benefit policies will hand more than £180 to the richest third.
When you dig into the Budget to look at what it means for family finances, it's a "pretty grim picture", says Torsten Bell of the Resolution Foundation, a think tank that focuses on inequality issues.
"Pay is expected to be nearly £1,000 a year less than the Office of Budget Responsibility previously thought, and family's incomes are being projected to have a prolonged stagnation over the next few years, actually for a longer period than the stagnation we saw immediately after the financial crisis. It's not as deep, but it's longer."