The Spring Budget Explained
IFS Zooms In: The Economy
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The Effect of Freezing Taxes
The government has frozen basically all of the thresholds in income tax and national insurance systems. This means that as prices go up, as inflation gets higher, more people get dragged into tax. Just this year alone, there will be 1.7 million more people who have to start paying income tax. Over six years, it's about a 30 billion increase in taxes for people.
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