One million to be 'stealth' driven into higher UK tax rate amid financial squeeze

Analysis by the House of Commons Library has found that an extra 1.2 million people will be driven into the 40p higher rate UK tax band, against the backdrop of a steep rise in the cost of living. The analysis, commissioned by the Liberal Democrats, found that an extra 1.2 million people will be pushed into the 40p higher rate tax band - which starts at £50,070 - by 2026 than if the Government were to raise that threshold in line with forecast inflation to £56,270. Meanwhile, an extra 1.5 million low paid earners will move into the 20p basic tax rate, which starts at £12,570, than if...