City bonuses are set to drive pay growth higher, according to the Government's Budget watchdog. And bonuses in professional services firms, which include the likes of lawyers and accountants, will soar 31 per cent. The higher pay for white-collar workers will help drive income tax and national insurance receipts to £346billion in 2021-22, up £15.9billion compared to the OBR's previous forecast in October, the watchdog predicted. It also revised up its forecasts for income tax receipts by a similar amount for every year going forward. By the 2025-26 financial year, 6.8million Britons will be paying the 40 per cent higher rate of income tax, up from 1.7million in 1990.

Source: Daily Mail March 24, 2022 00:11 UTC