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READ MORETax rise: Bracket creep causing the greatest increase in 40 years
The Institute for Fiscal Studies predicts that 14% of Britain's adult population will pay 40%+ on at least part of their income in the 2027/28 tax year, in what will be the biggest increase in taxation since 1979.
"Isaac Delestre, an IFS research economist, said inflation's recent surge was pushing up nominal earnings of many workers and dragging them into the higher tax rate bracket," Reuters reports.
While a greater proportion of Britons' earnings will be directed to tax, this does necessarily correspond to an increase in real wages – that tax bracket creep is likely to have a substantial impact on household budgets already under pressure.
"A third of the expected record fall in household incomes this year is likely to be a result of this tax rise," Reuters quotes the IFS.
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