Phillip Hammond announced this week that the highest earners, being those earning over £50,000 a year, will see a £236 tax cut in the 2018/19 tax year, while those earning £30,000 will only benefit by £101.

This rise is due to an increase in the personal allowance from £11,500 to £11,850.

Earners over £100,000 a year will now see an effective rate of 60% on their earnings between £100,000 an £123,700 due to the higher rate band not keeping up with inflation, and earners over £100,000 losing their personal allowance.