Since 2012
Move will have greater impact on living standards of taxpayers in bottom half of income scale, thinktanks say
Rachel Reeves will punish poorer households more than the better off through the freezing of income tax thresholds announced in Wednesday’s budget, two major thinktanks have said.
The Resolution Foundation said the freeze on income tax thresholds for a further three years to 2031 would harm the living standards of taxpayers in the bottom half of the income scale.
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In today’s newsletter: As pressure mounts to tackle the backlog of almost 80,000 cases, the government is considering sweeping reforms that senior lawyers warn may reshape justice in England and Wales Good morning. Yesterday, Rachel Reeves finally delivered her long-trailed budget aimed at plugging a £20bn financial hole in government finances. The single biggest tax raising measure was a three-year freeze on income tax and national insurance thresholds, slightly longer than expected, to draw more people into a higher tax band. Head here for a full breakdown, here to figure out how you will be impacted, and make sure…