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Prosecutors outline the financial case of the campaign against Lev Parnas as the criminal trial begins

It warned that in April the introduction of tax changes, with a new price cap on energy bills, will cost families £1,200 overnight.

Government measures, including the new social care levy on national insurance and the freezing of the personal income tax allowance, will combine with high inflation to make 2022 the “year of the squeeze”, the Resolution Foundation said.

Highlights

  • “As Omicron hopefully fades in the early months of 2022, we will come to realise the scale of the challenge posed to household finances.”

  • “The months ahead will not be easy for households who see their wages fall back as energy bills and taxes rise,” the report said.