The economy

Fact checks about the economy, covering levels of inequality, prices, taxation, employment, unemployment and housing across the UK nations and regions

1 May 2024

Prime Minister wrong to say ‘everyone in work’ will receive £900 tax cut

Two reductions in National Insurance contributions mean employees on the average salary of £35,400 will save £900 a year.

1 May 2024

Work and pensions secretary incorrectly claims PIP is worth ‘thousands of pounds a month’

Individuals receiving the highest weekly amount for both parts of the benefit receive around £800 a month.

25 April 2024

Is the government increasing defence spending by £75 billion?

The figure which has been widely quoted assumes spending would otherwise have been frozen in cash terms for the next six years.

3 April 2024

HS2 has not cost £100 billion to date

While the estimated cost of the project has increased substantially since 2009, as of last year £27 billion has been spent, and total estimates are now significantly less than £100 billion.

25 March 2024

Debt isn’t ‘cleared’ if an offer of payment in cash is refused

Cash is ‘legal tender’ but there’s no obligation for shops and businesses to accept it. Just offering cash doesn’t clear a debt.

22 March 2024

Most junior doctors have not had a 10% pay rise

Although the basic pay of first-year doctors in England did rise by that much last year, most junior doctors had a pay uplift of less than 10%.

18 March 2024

Employees do not pay 12% in National Insurance

Since January, National Insurance payments have been 10% of an employee’s salary, though this will be 8% from April.

15 March 2024

National Insurance contributions don’t determine how much is spent on health and welfare

Money raised through National Insurance is notionally separate from other tax revenue. But it doesn’t determine the amount of money which is spent on the NHS or social security.

7 March 2024

Government borrowing is not forecast to increase year on year

Shadow chancellor Rachel Reeves claimed that government borrowing “goes up in every year” of the OBR’s latest forecast published this week.

6 March 2024

Spring Budget 2024: fact checked

We take a look at some of the chancellor’s claims in the Spring Budget.

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The economy

Prime Minister wrong to say ‘everyone in work’ will receive £900 tax cut

Work and pensions secretary incorrectly claims PIP is worth ‘thousands of pounds a month’

Is the government increasing defence spending by £75 billion?

HS2 has not cost £100 billion to date

Debt isn’t ‘cleared’ if an offer of payment in cash is refused

Most junior doctors have not had a 10% pay rise

Employees do not pay 12% in National Insurance

National Insurance contributions don’t determine how much is spent on health and welfare

Government borrowing is not forecast to increase year on year

Spring Budget 2024: fact checked

Full Fact fights bad information