Martin Lewis issues verdict on Rachel Reeves’s £26bn tax-raising budget
Martin Lewis reveals the Budget announcement he is ‘pleased’ with
- Martin Lewis described the Chancellor's £26 billion tax hikes, including frozen tax thresholds, as a "stealth tax" that will leave earners “worse off”.
- The freezing of tax thresholds from 2028/29 is expected to drag one in four workers into the highest tax band and make 780,000 people pay tax for the first time.
- Lewis was “pleased” with changes to energy levies, which are projected to cut average household energy bills by £150 annually by shifting policy costs to general taxation.
- The cash ISA limit will decrease from £20,000 to £12,000 for under-65s, a change Lewis noted was not as severe as initially feared, with a carve-out for over-65s.
- He criticised the Office for Budget Responsibility for accidentally publishing its economic forecast ahead of the Budget announcement.