According to a study by the Commons Library commissioned by the Liberal Democrats, a middle-income household would have a total starting income of 7 717,640 over the next decade, for which they would pay around 5 5,550 in tax resulting directly from policies adopted by the 2021 – that is, the increase of National Insurance and the freezing of the individual income tax allowance. Calculations assume that Mr. Sunak will reduce the basic income tax rate from 20 to 19 p.m. in 2024, as promised in the March budget.
“No light at the end of the tunnel”
Ed Davey, the leader of the Liberal Democrats, said the figures showed that “there is no light at the end of the tunnel under this Conservative government, only years of painful tax increases.” Mr Davey added: “Now is not the time to raise people’s taxes just as energy bills and inflation are overwhelming. People are facing an emergency cost of living and need an emergency tax cut now.
