Chancellor Rishi Sunak will have almost £40bn more in the coffers over the next four years due to inflation pushing up VAT receipts, the Lib Dems have calculated (Kirsty O’Connor/PA)
(Picture: PA Wire)The cost of living crisis is taking a toll on every corner of Britain. North and south, rural and urban, young and old. But new analysis by the Standard reveals that Londoners are twice as likely to be made worse off by today’s National Insurance rise than those in the rest of the country.
That is the combined effect of the 1.25 percentage point rise to NICs and the raising of the threshold by £3,000 from July, which means that £34,000 per year becomes the point at which people start to pay more. Coincidentally, that was the median London salary last year.
