How the chancellor just took a chunk out of your future pay

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The point at which you start to pay tax, and the point where you tip into paying a higher rate of tax have been frozen for three more years.

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The surcharge begins at 2,500, rising to 7,500 for properties valued at more than 5m.

Downgrades to productivity means the economy is set to grow at an annual rate of 1.5% on average over the next five years.

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