Young professionals and Henrys face a potentially damaging Budget.

High Earners Not Rich Yet individuals, also known as Henrys, are bracing for a horrid Budget as they could face a tax rate higher than a current level of 60 per cent, analysts have warned.

Henrys, who are generally classed as professionals earning around £100,000 or more and often have little savings or fewer assets, could see tax hikes at Chancellor Rachel Reeves’ Budget fall disproportionately on them.

High earners between £100,000 and £125,140 are taxed more heavily as the personal allowance of £12,570 goes down for every pound extra earned above the threshold.

Hargreaves Lansdown calculations already show that the effective tax rate is at around 60 per cent for these earners while childcare support from the gove

See Full Page