Rishi Sunak: he knows he’s doing wrong but he’s doing it anyway.
With Parliament about to reconvene with a new legislative programme, Chancellor Rishi Sunak is being urged to (at last) address the cost-of-living crisis.
The British Chambers of Commerce have called for a three-point plan that would slash VAT on energy bills from 20 per cent to five per cent, offer free Covid tests for companies and the reversing of a recent National Insurance hike.
You can read the rationale for it here.
Sunak is making vague noises about tax cuts – which would be just as well, considering his government has inflicted more tax hikes on the UK’s population than any other in decades.
But he hasn’t actually done anything yet.
Instead, it seems, he’s taking billions from pensioners by freezing something called the Lifetime Allowance for five years.
Confused? So was I. Here‘s the lowdown:
The Lifetime Allowance is currently £1,073,100, which may seem substantial to many.
However, many could find themselves propelled over this sum due to the Chancellor’s decision to freeze the Lifetime Allowance for five years.
It is thought a saver who withdraws cash in a lump sum will lose an extra £180,125 to the taxman by 2025.
The figure represents the tax payable on the difference between the frozen lifetime allowance and the £1.4million had the sum been unfrozen.
Apparently this means he’ll take £6 billion off of people, when he’s being asked to let us keep more.
How is that supposed to help?
Source: Rishi Sunak urged to announce emergency budget as living costs spiral
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