New analysis from Policy Engine for the Institute of Economic Affairs reveals that recent tax increases imposed by the UK Government will heavily impact British households, averaging an extra cost of approximately £1,778 each year. Key changes include an increased National Insurance contribution, higher Capital Gains Tax, rising Council Tax, and reduced Stamp Duty thresholds. The overall package is expected to raise £26.95 billion for the Treasury. Tom Clougherty highlights the negative implications for economic growth and household financial stability, emphasizing the considerable pressure on budgets as tax burdens mount to record levels.
The tax changes implemented by the UK Government are projected to impose an average additional cost of £1,778 per household annually, significantly impacting economic stability.
Tom Clougherty, of the Institute of Economic Affairs, characterized the employer National Insurance hike as a 'slap in the face' for workers, prompting real concern for household budgets.
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