<div style="page-break-before:always; page-break-after:always"><p id="1">The Institute for Fiscal Studies said soaring inflation and frozen income tax thresholds will leave Brits worse off &ndash; despite fuel duty and National Insurance cuts in the Spring Statement, and the promise of a 1p income tax cut in 2024.</p><div style="page-break-before:always; page-break-after:always"><p id="3">A median earner on &pound;27,500 will be &pound;360 worse off in 2022/23 than in 2021/22, and a &pound;40,000 earner will be nearly &pound;800 worse off, the&nbsp;IFS said. Paul Johnson, IFS Director, said: &ldquo;Mr Sunak has proved to be something of a fiscal illusionist.</p><p>&ldquo;[His] statement&nbsp;cuts. But it also allowed taxes to rise. He can now expect to raise more in tax as a share of national income by 2025 than he expected last October.</p><p>&ldquo;In fact, taxes are set to rise to their highest level as a fraction of national income since Clement</p><div style="page-break-before:always; page-break-after:always"><p id="3">Attlee was Prime Minister.&rdquo; Attlee was Labour Prime Minister from 1945 to 1951.</p><p>Frances O&rsquo;Grady, head of the TUC, said: &ldquo;Working people are desperate for a plan to get pay rising at the heart of economic policy.&rdquo;</p>

Finance chief is &lsquo;tax illusionist'

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