A typical family could face an eye-watering £4,900 triple whammy hit from today’s Autumn Statement, analysis by the Liberal Democrats has revealed.
The research shows the combined impact of expected stealth taxes, energy bill rises and mortgage bill hikes next year. In the year 2022/23, a typical family of two basic rate taxpayers with a mortgage will face a total hit of nearly £5,000.
The party’s research has shown that there would be an additional £680 a year in income tax, due to the freeze of the personal allowance. Households could also face an increase of £1,200 a year in their energy bill, once the energy price cap is unfrozen in April.
Finally, due to Liz Truss and Kwasi Kwarteng’s disastrous mini-budget, a typical family will see an annual increase of around £3,000 in their mortgage payments, due to soaring interest rates in the aftermath of the mini-budget.
Ahead of the Autumn Statement on Thursday, the Liberal Democrats are calling on the Government to put a proper windfall tax on the profits of the fossil fuel giants. They are also calling for the Introduction of a new Mortgage Protection Fund and to increase pensions and benefits at least in line with inflation.