From the OBR’s leaked forecasts:
By 2030 it’s 5.2 million into Income Tax, 4.8 million into the higher rate band, and 600,000 into the additional rate band. Reeves said this time last year:
“Having considered this issue closely I have come to the conclusion that extending the threshold freeze would hurt working people. It would take more money out of their payslips. I am keeping every single promise on tax that I made in our manifesto. So there will be no extension of the freeze in income tax and National Insurance thresholds beyond the decisions of the previous government. From 2028-29, personal tax thresholds will be uprated in line with inflation once again. When it comes to choices on tax, this government chooses to protect working people every single time.”
She was right about it then…
