🔴 Kwarteng set to deliver biggest package of tax cuts since Thatcher years, says the Institute for Fiscal Studies ➡️ But overall Britons still face 'a large tax rise' due to the decisions taken in recent years, the think-tank warns
However, the think-tank pointed out that the overall tax burden would remain higher than in previous years, in part due to Rishi Sunak’s decision to freeze the thresholds at which workers pay the basic and higher rates of income tax, rather than raising them in line with inflation.
Within a few years 14 per cent of all adults will be paying the higher rate of tax, a larger proportion than ever before. Ms Xu said: “In real terms we expect the median earner to be £500 worse off than they were last year, which is around a three per cent net cut in their income. “Even after the Government is spending vast amounts of money to protect households from the rising cost of living, most households would still see their living standards fall this year compared to last year.”
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