View Image

Chancellor Rachel Reeves' Autumn Budget could drag 1.3 million more people into paying the higher 40p tax rate, new research suggests.

On Wednesday, November 26, the Chancellor will deliver the Labour Party Government's second budget, with financial experts voicing concern over what has been deemed "a stealth tax".

Reeves set to confirm that pensioners will benefit from a £550 rise in the state pension with an inflation-busting increase of 2.5 per cent as she maintains the triple lock.

READ MORE: UK households can switch to 26 fixed-rate deals cheaper than the current price cap

New research by the Lib Dems from the House of Commons library which shows that 1.3 million more will pay the 40p higher rate as a result of the expected freeze in the bands to 2029/30.

Liberal D

See Full Page