UK Middle Class Squeezed by Record Tax Burden

Middle-class workers in the UK, including professionals like engineers and vets, are facing a severe financial squeeze due to record-high tax burdens. The Chancellors decision to freeze income tax thresholds is pulling nearly one million more workers into the forty percent tax rate, with basic rate taxpayers losing an extra £220 annually and those on the forty percent rate losing £600 each year by 2030. Living standards are also under pressure, with real household disposable income projected to grow slower than almost any other parliament on record. Housing costs, council tax, and savings allowances are also rising, making it increasingly difficult for hard-working individuals to get ahead.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.