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Podcast: Beyond Currency
Episode: 18 November 2022 - Hunt announces £25 billion in tax rises
Description: Jeremy Hunt delivered his Autumn statement to the House of Commons yesterday. It contained the predicted mix of tax increases and spending cuts, and a fall in living standards of around 4% nationally.
Twenty-five billion pounds worth of tax increases were delivered by way of the freezing of any increase in the thresholds for income tax until 2028. This means that as wages rise over the next five years, six million people will enter higher tax brackets.
The highest rate of income tax was cut from one hundred and fifty thousand pounds to a little over one hundred and twenty-five thousand. Hunt...