Open

Latest news

Explore insightful perspectives and expert advice on finance

Home |Latest news |UK in a 'new era of higher taxation', IFS warns

Latest news

Browse by category
Business News

UK in a 'new era of higher taxation', IFS warns

November 21 2022

The Institute for Fiscal Studies (IFS) has stated that the UK has entered 'a new era of higher taxation and higher spending' following the 2022 Autumn Statement.

The think tank warned that middle earners 'will be hit hard' as a result of the announcements made in the Statement by Chancellor Jeremy Hunt because they do not stand to benefit from targeted support to help with the cost-of-living crisis.

The IFS's analysis revealed that UK households will be paying energy bills that are £900 higher than they currently are now.

Mr Hunt used the Autumn Statement to announce a reduction in the threshold for the top 45% additional rate of income tax; a reduction in the Dividend Allowance from £2,000 to £1,000 in 2023; and a freeze on the thresholds for the income tax personal allowance.

Commenting on the matter, Paul Johnson, Director of the IFS, said: 'Jeremy Hunt's first fiscal event as Chancellor was a sombre affair. Surging global energy prices have made the UK a poorer country. The result is an OBR forecast that the next two years will see the biggest fall in household incomes in generations.

'This will hit everyone. But perhaps it will be those on middling sorts of incomes who feel the biggest hit.'

Here to help

Please complete the form below and our expert team will be in touch.

  • Contact details

    • *
    • *

  • What services are you interested in?

    • *

  • Message

    • *

  • Which location would you like to contact?

  • Communication

    • *Indicates a required fields.†At least one form of contact is required.

      By submitting this form, you agree that Attwoods can process your information in order to respond to your enquiry. For more information visit our Privacy Policy.

Bromsgrove
Bromsgrove

Attwoods is proudly based in the historic market town of Bromsgrove, Worcestershire

  • 182 Worcester Road
  • Bromsgrove
  • Worcestershire
  • B61 7AZ
Call us01527 874170
Learn more about BromsgroveGet in touch
Evesham
Evesham

Attwoods is proudly based in the picturesque town of Evesham, Worcestershire; nestled in the heart of the Vale of Evesham

  • 90-92 High Street
  • Evesham
  • Worcestershire
  • WR11 4EU
Call us01386 424388
Learn more about EveshamGet in touch
Pershore
Pershore

Attwoods is proudly based in the Georgian market town of Pershore, Worcestershire.

  • Perrott House
  • 17 Bridge Street
  • Pershore
  • Worcestershire
  • WR10 1AJ
Call us01386 554870
Learn more about PershoreGet in touch
  • Xero Logo
  • Gold Partner Logo
  • Sage
  • QuickBooks Platinum

The practices of Attwoods are carried on by Attwoods Accountants Limited, Attwoods Business Services Limited, Attwoods (Bromsgrove) Limited. Regulated for a range of investment business activities by the Association of Chartered Certified Accountants.