IFS: Millions in Britain ‘face stealth tax raid’ under Liz Truss’s plans | Institute for Fiscal Studies

Millions of families are facing a “hidden” tax raid under the Liz Truss government, a leading British economic think tank said on Wednesday, despite promising to support workers during the cost-of-living crisis by lowering their tax bills.

The Institute for Fiscal Studies (IFS) calculated that for every £1 given to workers by cutting key tax rates, £2 was withdrawn by freezing the level at which people start paying tax on their earnings.

Taken with the subsidy schemes, the IFC said Britain’s poorest would see their incomes severely damaged over the next three years. While the richest 10% of households will benefit […]

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