Changes will be set out in the Autumn Statement
Workers across the UK could be about to to loose thousands of pounds under government plans, as the government considers a stealth tax raid on middle earners. Chancellor Jeremy Hunt and Prime Minister Rishi Sunak want to fill the huge hole of public finances. It comes after Liz Truss and Kwasi Kwarteng's disastrous mini Budget.
Mr Hunt wants to extend a freeze on income tax thresholds until 2028, which would mean those on £50,000 a year could end up loosing a total of £3,659 in tax. On November 17 the Autumn Statement will be released, where the Chancellor will set out his plans and so far it has been reported that the pair are considering splitting the burden equally between tax rises and spending cuts.
However, this means that public sector workers could face deep real-terms cuts to wages reports Birmingham Live. The Times has reported that the Treasury is looking at an increase of 2% across the board for 2023-24, at a time when inflation is expected to be well above that threshold.A Treasury source told the PA news agency that "no decisions have been taken" and the "independent pay review body process takes place next year".
James Smith, research director at the Resolution Foundation, added: "The Government has a little over two weeks to finalise its plans to repair its economic credibility and the sustainability of the public finances. While the recent focus has been on conditions improving post-Trussonomics, the central picture remains one of a weaker growth, higher borrowing costs and expensive tax cuts that have left a fiscal hole of at least £40 billion to fill.
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