The Institute for Fiscal Studies (IFS) conducted analysis which shows every adult will pay an extra £1,000 a year due to Sunak’s tax rises. The research indicates people will be hit with corporate tax increases alongside a hike to both the National Insurance levy and income tax. The total cost of the triple tax increase is thought to be £50.5billion per year.
The Chancellor is expected to explain the reason behind any tax increases in his spring statement.
Sunak will also highlight the £400billion hole in the UK’s finances which was caused by the coronavirus pandemic and urge Britain diminishes borrowing.
The Richmond (Yorkshire) MP will reiterate the importance of strengthening our economy at a time of conflict in Ukraine.
The Chancellor will say in his address: “We will confront this challenge to our values not just in the arms and resources we send to Ukraine but in strengthening our economy here at home.
“So when I talk about security, yes – I mean responding to the war in Ukraine. But I also mean the security of a faster-growing economy.
The security of more resilient public finances.
“And security for working families as we help with the cost of living.”
Mr Sunak is also thought to further express his support for struggling and hard-working families who will be impacted by these changes.
The Chancellor is expected to announce support for families struggling to cope with the cost of living crisis, including a fuel duty cut.
Mr Sunak has faced pressure to increase benefits by five percent for poorer families and scrap the 1.25 percent National Insurance increase for workers on low-income by upping the threshold for payment.
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