Households will lose £2 in stealth freezes for every £1 in Truss tax cuts, says IFS

Millions are predicted to suffer hike in mortgage payments

For every pound households receive through Liz Truss’s headline cuts to tax, twice as much will be taken away in “stealthy freezes”, a leading economic think tank has warned.

The figures come even before millions are predicted to suffer a hike in mortgage payments as a result of Kwasi Kwarteng’s disastrous mini-Budget.

Earlier this week Ms Truss was forced by her own MPs to dump one part of the Budget, plans to axe the 45p tax rate, paid by those who earn more than £150,000.