Budget 2021: Tax rises likely to leave middle earners worse off, says IFS

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Middle-income families are set to be worse off next year amid rising costs and tax rises, says an independent economic think tank.

Paul Johnson, director of the Institute for Fiscal Studies (IFS), said that inflation and higher taxes on incomes would negate small wage increases.

The government's forecaster warned on Wednesday that the cost of living could rise at its fastest rate for 30 years.

The chancellor acknowledged in his Budget that families are under strain.

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