💷 Tax, energy, mobile phone and broadband bills are all increasing this month, but the poorest will fare better 🔴 jessiehewitson reports
UK workers are facing the biggest real-terms increase in income tax in three decades this month, experts have warned.
One expert told i the rises were the highest in “recent memory”, and the mounting costs are set to further increase pressure on Rishi Sunak and Jeremy Hunt to cut taxes. This means a basic-rate taxpayer will pay about £500 more this tax year, according to the Institute of Fiscal Studies , and higher-rate taxpayers will see an increase of £1,000. This is because the effect of inflation on wages is dragging more people into paying income tax for the first time or into higher tax brackets.
This will add to tensions within the Conservative Party, which traditionally espouses low-tax policies, but more recently has overseen an increase in the tax burden to rates not seen since the Second World War.
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