Boris slammed the tax hikes as a “betrayal of conservatism itself!”
BORIS JOHNSON has been slammed in a devastating op-ed for his latest tax hike, with experts predicting that the tax will have a significant impact on the cost of living in the United Kingdom.
According to new research, freezing the personal tax allowance and the higher rate tax threshold will cost British families billions of pounds by 2026.
According to research commissioned by the Liberal Democrats, this will cost families in the UK around £10.9 billion, or £430 per household.
The Tories and Mr Johnson were chastised in a scathing Op-Ed piece by Camilla Tominey, associate editor of The Telegraph, for the reported tax hike.
“This isn’t just a betrayal of the electorate – it’s a betrayal of conservatism itself,” she wrote.
According to research conducted by the House of Commons library, the Treasury has frozen income tax thresholds, implying that 1.2 million more people will be dragged into the 40p tax bracket due to inflation.
At £50,070, you will be subject to the higher rate of income tax.
“The ‘fiscal drag’ research suggests that this isn’t just going to affect high earners,” Ms Tominey added.
“An extra 1.2 million people are expected to fall into the 40p tax bracket, which starts at £50,070, if the government raises the threshold to £56,270, in line with forecast inflation.”
“However, an additional 1.5 million low-income earners will be pushed into the 20p basic tax rate, which begins at £12,570, than if the personal allowance threshold were raised to £14,070 over the next four years in line with forecast inflation.”
The stealth tax is expected to have the greatest impact in London and the South East, with estimates indicating that the average family will have to pay an extra £500, with a total of £1.9 billion to be paid in the region by 2026.
The tax hikes have been dubbed a “cost-of-living tsunami” by Jake Berry, chairman of Northern Research Group.
“It plays into a broader concern of this cost-of-living tsunami that is about to hit the UK,” he told Times Radio. “I do hope that as we move past the Covid pandemic, the government’s attention will quickly turn to this pressure on family budgets.”
“One of the things putting significant pressure on people’s disposable income is this sneaky tax increase.
At the, there is not enough attention paid.
“Brinkwire News in Condensed Form.”