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This year's Budget giveaways will benefit rich families 14 TIMES more than the poor, a damning snap analysis has found.

Households in the wealthiest 10% will gain £410 from income tax and benefits changes announced yesterday, the Resolution Foundation said.

But those in the poorest 10% will gain just £30, the think tank warned.

It blows a hole in Tory Philip Hammond's claim that the age of austerity was "coming to an end".

The Chancellor put much of the focus yesterday on a promise to raise the tax-free personal allowance in Income Tax - which hands £130 a year to any worker earning over £12,500 from April.

(Image: PA)

But he also followed through on a pledge to hike the 40p tax rate threshold from £46,350 to £50,000.

That means the richest 13% of Brits will be able to earn much more before they start paying higher tax - gaining £860 a year.

Today the Chancellor admitted higher earners will "get a bit more".

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Asked why higher earners needed a tax cut, he told ITV: "We made a manifesto commitment at the last general election."

The Resolution Foundation, a left-leaning think tank, said 84% of the income tax cuts announced at yesterday's Budget will go to the richer half of earners next year.

(Image: PA)

By 2022, almost half the income tax cuts (45%) will go to the top 10% of households alone, the think tank said.

Tax and benefit changes since 2015, overall, will help the richest fifth of households by £390 while the poorest fifth lose £400.

Resolution Foundation director Torsten Bell warned the Budget "spelt an easing rather than an end to austerity".

He added: "Income tax cuts announced yesterday will overwhelmingly benefit richer households, with almost half of the long term gains going to the top ten per cent of households.

"On public services the NHS saw a big spending boost ­– but unprotected departments still have further cuts penciled in."