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Household tax bills to rise on average by £3,000 by 2027, says thinktank
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Boris Johnson’s government has set a course for a “high-tax, big-state economy” with a budget that will raise household tax bills by £3,000 on average by 2027, according to an analysis by an independent thinktank.
The Resolution Foundation said that despite a spending spree, real wages would fall again next year. The UK is “still in the midst of its weakest decade for pay growth since the 1930s,” it said.
Sunak portrayed the budget as preparing the “high-wage” economy for the “post-Covid” era, as stronger economic forecasts gave him room to increase spending on government departments by £150bn.
However, the Resolution Foundation said real wages would grow by just 2.4% between May 2008 (as the financial crisis hit) and May 2024, compared with
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