Despite his above average income, Nick, 30, is living a below average life. And it’s only set to worsen thanks to Chancellor Rachel Reeves’s Budget, writes Oliver Dean

The Chancellor’s Budget took aim at Britain’s middle-income earners – the so-called ‘Nick, 30s’. Whilst she stayed true to her manifesto commitment regarding income tax, tax threshold freezes amongst other changes all make ordinary Britons worse off. Many of these people have reached a breaking point – and are looking to escape the UK in search of a better life abroad. It is crucial that the Chancellor recognise the damage she has done, before thousands more taxpayers leave and take their money with them.

For context, it is important to paint a picture of ‘Nick’. Nick is in his early thirties. He earns an above average salary and likely rents a flat in Zone 3 or 4 in London, where he is surrounded by the usual cluster of pubs, brunch spots and overpriced, independent coffee shops. On paper, he appears to be doing well. He is well educated, employed and earning more than most. Yet, despite his above average income, he is living a below average life.

The reason is clear-cut. Nick is being squeezed at every opportunity. Much of his salary is taken through taxes and, as the consumer, he’s bore the brunt of employer NI contribution rises. Furthermore, his rent has skyrocketed, his bills are still on the up and food prices remain at extortionate levels.

The life of Nick is one that no one envies, but one that millions of people........

© City A.M.