Budget 2021: Tax hikes risk leaving average workers worse, IFS says

Middle-income families will be worse off next year due to rising costs and tax hikes, says an independent economic think tank.

Paul Johnson, director of the Institute for Fiscal Studies (IFS), said inflation and rising income taxes would nullify small wage increases.

The government meteorologist warned Wednesday that the cost of living could rise at the fastest rate in 30 years.

The chancellor acknowledged in his budget that families are under pressure.