A £50,000 earner will pay £107 more in National Insurance from July, despite the threshold rise. Someone on £100,000 a year will pay £733 more, while a £125,000 earner will pay £1,045 more. 

These rises will wipe out much or all of the benefit of lower income tax rates, due to come in 2024, which will leave just an extra £377 in the pockets of most higher earners, according to tax firm Deloitte. 

Someone on £100,000 today would take home £66,689 after both National Insurance and income duties are paid. This will fall by around £350 to £66,333 by 2024, despite the promised 1p cut to the basic rate of income tax.

The Institute for Fiscal Studies think tank said – when accounting for inflation, which has hit a 30-year high of 6.2pc – the drop in take home pay will be even greater.

This is because, while average and lower earners will be better off in nominal terms, their wages will likely increase while income tax thresholds remain frozen, costing them in real terms. 

Anyone earning more than £25,000 will pay more in tax this year, despite Mr Sunak’s pledges, it said. 

By 2025, “virtually everyone will be paying more”, it added.

The IFS’s Tom Waters said: “The Chancellor is giving with one hand in tax, having previously taken away with the other. When all is said and done, the reforms imply a greater level of tax for almost all workers – especially those on higher earnings. In the nearer term, many households are likely to see real-terms declines in their incomes with both earnings and benefits failing to keep up with inflation.”