The government’s Budget, presented today (eventually after the OBR leak), introduces a suite of tax and regulatory changes that will increase the financial pressure on households while offering little to support economic growth or consumer freedom.
The combination of frozen income-tax thresholds, reduced savings allowances, and limits on flexible pension arrangements amounts to a substantial, stealthy tax rise on ordinary earners. These measures shift more income, savings, and investment into the tax net without transparent debate.
“Consumers are being asked to shoulder higher taxes while receiving almost nothing in return,” said Mike Salem, UK Country Associate at the Consumer Choice Center.
Freezing thresholds and cutting savings freedoms punishes responsible financial behaviour and leaves families with less flexibility at a time when they need it most.”
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