Tens of millions of working Brits look set to be hit by a £30billion “stealth tax” due to soaring inflation, new analysis has found.
Ex-Chancellor Rishi Sunak froze income tax thresholds for four years from 2022/23 until 2025/26 before prices started skyrocketing.
That means the 20p tax band will remain at £12,570 while the 40p rate kicks in when you earn £50,270, even as prices and wages go up.
