The Treasury will raise an additional £20.5bn in tax in the new tax year, which is £12.5bn more than the £8bn expected at the time the income tax threshold freeze was announced in October, according to research by the Institute of Fiscal Studies (IFS).

The IFS stated that this is on top of the £13bn which will be raised through the National Insurance contributions (NICs) increase as a result of the new social care levy.

Over the last 12 months, the revenue brought in by the move decided in the Spring Budget last year has steadily increased. Figures released in October 2021 projected it would bring in £12bn and by February 2022 it was £17bn, which means in one month the tax take has risen by £4bn.