The Institute for Fiscal Studies warns households are in for a 'long, hard, unpleasant journey'.
Higher taxes look set to be here to stay following the Autumn Statement, the Institute for Fiscal Studies economic research group has said.
The UK has entered a "new era" of higher taxes as the government seeks to raise money to shore up the economy and help with bills, it said.The chancellor has faced criticism for announcing tax hikes while prices soar. On Friday, Jeremy Hunt defended the announcements made during his economic update, where he said that tax thresholds would be frozen until April 2028, meaning millions will pay more.
But Mr Johnson warned that the move to put up taxes as prices are soaring at their fastest rate in 41 years would result in the "biggest fall in living memory" for living standards. "This will hit everyone. But perhaps it will be those on middling sorts of incomes who feel the biggest hit," he said in the opening remarks of the think tank's assessment of the chancellor's economic plan.
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