OBR apologises for publishing fiscal outlook early

OBR: Tax thresholds freeze means more people will bay basic, higher and additional-rate taxes.

New tax on £2m homes; mileage charge for electric vehicles; national insurance on salary sacrifice pension contributions above £2,000; changes to Isa rules

Rachel Reeves has announced tax rises amounting to £26 billion as she battles a downgrade in forecast economic growth.

More than 1.7 million people will face paying more income tax as she froze thresholds, meaning people will be dragged into paying the tax for the first time or shifted into higher bands as earnings increase.

The measures contribute to a tax burden that will rise to an “all-time high” in 2030/31.

The Office for Budget Responsibility (OBR) forecast gross domestic product

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