A £50,000 earner will pay £107 more in National Insurance from July, despite the threshold being raised. Someone earning £100,000 a year will pay £733 more, while someone earning £125,000 will pay £1,045 more.

These hikes will wipe out much or all of the benefits of lower income tax rates, due for 2024, leaving just an extra £377 in the pockets of most high earners, according to tax firm Deloitte .

Someone with £100,000 today would earn £66,689 after paying National Insurance and income tax. This will fall from around £350 to £66,333 by 2024, despite the promised reduction of 1 pence in the basic rate of income tax.

The Institute for Fiscal Studies think tank said – taking into account inflation, which hit a 30-year high of 6.2% – the drop in take-home pay will be even bigger.

Indeed, while middle and low incomes will be better off in nominal terms, their wages are likely to rise while income tax thresholds remain frozen, costing them in real terms.

Anyone earning over £25,000 will pay more tax this year, despite Mr Sunak’s promises, he said.

By 2025, “virtually everyone will be paying more,” he added.

Tom Waters of the IFS said: “The Chancellor gives with one hand on taxes, after taking with the other. Ultimately, the reforms imply a higher level of taxation for almost all workers, especially those with higher incomes. In the shorter term, many households are likely to see a decline in their incomes in real terms, as incomes and benefits fail to keep up with inflation.

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