The economy

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

15 March 2022

Social media posts overestimate how much tax is on petrol and diesel

Claims are circulating that £1 per litre is now taken in taxes, but it’s more like 80-90 pence for fuel duty and VAT.

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Social media posts overestimate how much tax is on petrol and diesel
9 March 2022

Government has not backed up Russian sanction claims

The Foreign, Commonwealth & Development Office said it has sanctioned Russian bank assets worth more than those sanctioned by the US or EU—but hasn’t explained how it reached its figures.

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Government has not backed up Russian sanction claims
8 March 2022

£24bn in extra defence spending will be spread over four years

The Institute for Fiscal Studies has previously described the practice of adding up multiple years of spending increases as “misleading”.

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£24bn in extra defence spending will be spread over four years
23 February 2022

Viral tweet on wealth tax generating £250 billion for NHS is misleading

A campaign group estimated £250 billion could be raised globally by a financial transaction tax, with £20 billion being raised in the UK.

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Viral tweet on wealth tax generating £250 billion for NHS is misleading
23 February 2022

Boris Johnson repeats misleading claim on number of people in employment

The number of people in employment is down since the pre-pandemic peak, while the number of employees (not counting the self-employed) is up.

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Boris Johnson repeats misleading claim on number of people in employment
17 February 2022

More older people have financial debt—but fewer are actually struggling

An article in the Express used accurate figures from Labour showing more pensioners are in debt, but that doesn’t mean that more pensioners have a debt problem.

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More older people have financial debt—but fewer are actually struggling
15 February 2022

Wales and Scotland are getting money to fund a council tax rebate

Welsh First Minister Mark Drakeford and Scottish Finance Secretary Kate Forbes said the countries would not be receiving more money as other areas of their provisional budgets are being revised …

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Wales and Scotland are getting money to fund a council tax rebate
10 February 2022

Income tax, fuel tax and inheritance tax all existed 100 years ago

A number of the taxes listed in the Facebook post don’t even exist in the UK.

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Income tax, fuel tax and inheritance tax all existed 100 years ago
10 February 2022

Mirror’s claim that households will be £2,000 a year poorer overstates impact of inflation

Its estimate combined various price rises and the fall in real wages. But this effectively counts some rising prices twice.

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Mirror’s claim that households will be £2,000 a year poorer overstates impact of inflation
9 February 2022

Viral posts about £49 fuel vouchers are false

Claims that struggling households are entitled to almost £100 in fuel vouchers annually have been shared thousands of times.

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Viral posts about £49 fuel vouchers are false

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