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Liverpool Echo
Liverpool Echo
Business
James Rodger & Kate Lally

UK households to see £1,450 wiped from bank accounts

Liz Truss United Kingdom

Households in the UK will be around £1,450 worse off as a result of Liz Truss' "tax cutting" mini Budget, according to new analysis.

The typical basic rate taxpayer will pay an added £500 in income tax and National Insurance per year by 2026 while higher rate earners are facing a £3,000 annual increase. Experts from the Institute for Fiscal Studies (IFS) say households will £1,450 a year worse off, according to The Telegraph.

The figures are based on analysis of the decision by Kwasi Kwarteng to freeze tax thresholds, which in three years' time will deliver an extra £41bn to the Exchequer amid high inflation and rising wages. Meanwhile, his cuts to personal taxes will be worth only £20bn, Birmingham Live reports.

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