Future income tax cut ‘indefensible’, says IFS

The tax burden is the highest since the 1950s with the rise in the national insurance threshold from July only providing a slim benefit for taxpayers, despite announcements at the Spring Statement

Few commentators are persuaded by the electioneering ploy to reduce the basic rate of income tax by 1% in 2024, from the current 20% which has been in place since 2007. The decision to go ahead with the health and social care levy without setting out additional spending provision for the NHS has also been questioned, particularly as households face a very difficult squeeze on spending, exacerbated by the tax rise.

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