It’s all over today’s news:

The coalition government’s first Budget has hit the poorest families hardest, a leading economic think tank has said.

The Institute for Fiscal Studies (IFS) said the measures announced in the Budget in June were “regressive”.

Its analysis suggests that low income families with children are set to lose the most as a percentage of net income due to benefit cuts announced in the Budget.

The Treasury said it did not accept the “selective” findings of the IFS.

The IFS had already challenged the government’s claim that the Budget was “progressive”.

Its report concluded: “Once all of the benefit cuts are considered, the tax and benefit changes announced in the emergency Budget are clearly regressive as, on average, they hit the poorest households more than those in the upper middle of the income distribution in cash, let alone percentage, terms.” BBC

However, arguing over the budgets effect is something of a moot point as it surely doesn’t take the proverbial rocket scientist to work out that cuts in public spending will hit the poor hardest and the Con-Dems are determined that 80% of the deficit reduction is to come from cuts in public spending.

Still it’s amusing in a macabre way the Com-Dems response

A spokesman for the Treasury said: “The government does not accept the IFS analysis.

“It is selective, ignoring the pro-growth and employment effects of Budget measures – such as helping households move from benefits into work, and reductions in corporation tax.” BBC

What the Con-Dems are ignoring is their public spending cuts which are firmly anti-growth and anti-employment – and how is sticking millions in the pockets of the rich through corporation tax reductions going to help the poor.