Is There a Tax Rise or a Freeze?

We've heard whispers of well more than whispers actually of tax rises and spending cuts when we've got inflation at double digits some of these might take the form of stealth tax rises. This is effectively things like freezing income tax thresholds that effectively means that people will be earning higher incomes but they'll be paying more in tax. That's something that we might also see with government budgets that they won't see an increase and that will mean a significant cut in real terms which means the actual spending power will be lost to quite a degree.