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Steve Webb, a former pensions minister and partner at LCP, broke down the “profound effect” the income tax freeze has on those of state pension age.
Mr Webb explained: “Freezing tax thresholds is a stealthy way of raising tax at the best of times, but at a time of soaring inflation, freezing thresholds has a profound effect.
“During this Parliament we have already seen over a million extra pensioners dragged into the tax net, and next April’s increase is likely to add at least half a million more.
“If the Chancellor is looking for ways to cut taxes and ease the cost of living pressures on those on modest incomes, he could do worse than review the long-term freeze of income tax allowances”.