Published 2 years ago

Cost of living: 'Stealthy' tax and benefit freezes will outweigh tax cuts, say economists

Summary by Ground News

Millions of households are facing a “stealth” tax raid under Liz Truss’s government despite her promise to support workers through the cost-of-living crisis by lowering their tax bills, Britain’s leading economic thinktank said on Wednesday.The Institute for Fiscal Studies (IFS) has calculated that for every £1 given to workers by cutting headline tax rates, £2 was being taken away through a freeze on the level at which people begin paying tax on their earnings.

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The Guardian

IFS: Millions in Britain ‘face stealth tax raid’ under Liz Truss’s plans

For every £1 given workers by cutting tax rates £2 was being taken via freeze on income tax thresholds, thinktank calculates

2 years ago·London, United Kingdom

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The Independent

Households will lose £2 in stealth freezes for every £1 in Truss tax cuts, says IFS

Millions are predicted to suffer hike in mortgage payments

2 years ago·London, United Kingdom

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Daily Express

'Stealthy' freezes could lose households more money than tax cuts

The fallout from Liz Truss and Kwasi Kwarteng's mini-budget has led many households to question the stability of their finances.

2 years ago·United Kingdom

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The Telegraph

£21 billion raid on incomes despite 'tax-cutting' Budget

The average household will be £1,450 per year worse off after stealth raid, says IFS

2 years ago·London, United Kingdom

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Shropshire Star

£2 taken from households in ‘stealthy’ freezes for every £1 in tax cuts – IFS

Households will lose more from “opaque and stealthy” freezes over the next three years than they will gain from headline tax cuts on average, according to the Institute for Fiscal Studies (IFS).

2 years ago·Ketley, United Kingdom

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