Biggest tax rises since WW2 to hit Britain, with average household £3,500 worse off

The UK is facing the biggest set of tax rises since World War II, with an extra £114billion bill by next year’s General Election. This will amount to an average of £3,500 per household. The tax rises are being driven by a number of factors, including the cost of living crisis, the war in Ukraine, and the government’s own spending commitments. The National Insurance rise, which came into effect in April, is the biggest single tax rise in British history. It is expected to raise £12billion a year. The government has also announced a number of other tax rises, including a rise in corporation tax from 19% to 25% in 2023, and a freeze on income tax thresholds. The tax rises are likely to have a significant impact on household finances. According to the Institute for Fiscal Studies, the average household will be £3,500 worse off by 2025-26 as a result of the tax rises. The tax rises are also likely to hit businesses hard. The rise in corporation tax is