Hard-working Sandgrounders are to be hit by a tax rise from April of about £200 per year, it was confirmed yesterday.
It follows the much talked about budget announcement from Chancellor Rishi Sunak, who revealed more money is needed to fund adult social care, leading to a rise in National Insurance contributions.
While the rise in National Insurance levels was confirmed in September, certain thresholds and other measures that affect contributions were only announced during yesterday’s budget.
The reality for thousands of hard-working men and women in Southport is they will, from April 2022, likely see their take home pay cut by around £200 a year.
The Resolution Foundation warned that middle-income households would take a large hit to pay for a string of investment decisions in the wake of the Covid pandemic.
It revealed families will pay an extra £3,000 in taxes during the course of Boris Johnson’s premiership at a time of low growth and stagnating wage growth.
“The Government is squaring the circle of a smaller economy post-pandemic but also planning to spend slightly more with big tax rises’, it warned.
“Small tax cuts were announced including business rate discounts, a lower ”bank surcharge”, reduced alcohol duty and (yet another) fuel duty freeze, but the big picture is of fast-rising receipts.
“National insurance and Income Tax rises kick in next April, while Corporation Tax will rise from 19 per cent to 25 per cent the following year.’
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