About us Your Options Important Updates Expenses Information Centre News Portal Login Contact us IFS predicts millions to be worse off next year due to tax rises The Institute for Fiscal Studies (IFS) has predicted that millions of people will be worse off in 2022 as a result of spiralling costs and tax rises. CALL 0161 703 2549 OR EMAIL INFO@CHAMPIONCONTRACTORS.CO.UK News Latest News for Business Archive The Institute for Fiscal Studies (IFS) has predicted that millions of people will be worse off in 2022 as a result of spiralling costs and tax rises. Responding to the Autumn Budget, the IFS predicted that low-income families will be squeezed by a rise in the cost of living. The Office for Budget Responsibility (OBR) recently warned that the cost of living is set to rise at its fastest rate in 30 years. The IFS stated changes to income tax and National Insurance, alongside rising household bills, will mean slow growth in living standards. Paul Johnson, Director of the IFS, said: 'With, in the words of the OBR, inflation quite possibly hitting its 'highest rate in the UK for three decades', millions will be worse off in the short term. Next April benefits will rise by just over 3%, but inflation could easily be at 5%. That will be a real, if temporary, hit of hundreds of pounds a year for many benefit recipients. 'We are not at 1970s levels of inflation, but we are now experiencing enough inflation that real pain will be felt as low income households – most of whom have next to nothing in the way of financial assets – wait more than a year for their incomes to catch up. For some in work that may never happen.' Internet link: IFS website Latest News for Business Archive 08 Nov 2021 Chancellor delivers Budget to lay foundation for a strong economy On 27 October, Chancellor Rishi Sunak delivered a Budget to ensure the UK economy bounces back following the coronavirus (Covid-19) pandemic. 08 Nov 2021 Business groups give mixed response to Budget Business groups gave a mixed response to Chancellor Rishi Sunak's 2021 Autumn Budget speech. 08 Nov 2021 IFS predicts millions to be worse off next year due to tax rises The Institute for Fiscal Studies (IFS) has predicted that millions of people will be worse off in 2022 as a result of spiralling costs and tax rises. Champion Accountants We are a leading accountancy group who specialise in the SME sector and provide a range of services throughout the North West which enables businesses to grow and create wealth for their owners. Visit Website Latest news 08 Nov 2021 Chancellor delivers Budget to lay foundation for a strong economy 08 Nov 2021 Business groups give mixed response to Budget 08 Nov 2021 IFS predicts millions to be worse off next year due to tax rises Contact Details Please call: 0161 703 2549 Or email us: info@championcontractors.co.uk Champion Contractors, 1 Worsley Court, High Street, Worsley, Manchester M28 3NJ Home | Contact us | Site map | Accessibility | Help | Search | Slavery and Human Trafficking Statement | Gender Pay Gap Report 2020/21 | Privacy Notice | Website Terms and Conditions | © 2021 Champion Accountants LLP. All rights reserved. powered by totalSOLUTION We use cookies on this website, you can find more information about cookies here.