How does freezing tax thresholds affect your own tax bill?

Rachel Reeves is freezing tax thresholds in an attempt to plug the hole in the public accounts. Find out how it affects your tax billBudget 2025 – live updatesThe chancellor, Rachel Reeves, has announced that income tax thresholds will be frozen until the 2030-31 tax year.Freezing tax thresholds results in “fiscal drag” – a phenomenon where people are dragged into higher tax bands when they get pay rises. Continue reading...