The picture looks worse over five years.
If uprated in line with inflation, the personal allowance would have hit £15,300 in the 2026/27 tax year. Due to the freeze, it will be just £12,800 instead.
Likewise, the higher rate threshold would have increased to £61,200 in 2026/27, but instead it will stand at just £51,200.
It means a £25,000 earner will pay £1,427 more tax over the next five years, while someone on £50,000 will pay £5,773 more. That is only the start, because even when tax thresholds do start rising they will begin from a much lower base. That’s quite a legacy, Mr Sunak.