Tax rises will cost people an extra ￡1,000 a year, an analysis has shown, as Rishi Sunak pledges extra help in Wednesday’s Spring Statement for hard-pressed families.

       In a fresh cost of living blow, an analysis by the Institute for Fiscal Studies (IFS) showed people will face a triple whammy of ￡50.5 billion a year - equivalent to ￡1,000 per adult - of income tax, National Insurance and corporation tax rises, on top of rising inflation and energy prices.

       Presenting his Spring Statement on Wednesday, the Chancellor will say the tax rises are needed to plug a ￡400 billion black hole from the Covid pandemic, strengthen the economy and reduce borrowing.

       But he will also pledge to “stand by” hard-pressed families with extra government support to help them cope with the cost of living crisis.

       He is expected to cut fuel duty - with MPs demanding at least 5p off and up to 10p - and wipe out the 1.25 per cent National Insurance rise for lower paid workers, by raising the threshold at which they start paying it. MPs are also urging a rise of up to five per cent in benefits to help the poorest families.

       Sir Charlie Bean, a former economist at the Office for Budget Responsibility (OBR), said Mr Sunak had an extra ￡20 billion to ￡50 billion “wriggle room” from better-than-expected tax revenues and a growing economy, which he could use to help hard-pressed families.

       Addressing MPs on Wednesday, the Chancellor will say that a stronger economy will help counter the threat from Vladimir Putin’s war in Ukraine. “We will confront this challenge to our values not just in the arms and resources we send to Ukraine but in strengthening our economy here at home,” he will say.

       “So when I talk about security, yes – I mean responding to the war in Ukraine. But I also mean the security of a faster-growing economy. The security of more resilient public finances. And security for working families as we help with the cost of living.”

       The IFS estimated that the freeze on income tax thresholds, which takes effect next month, will generate an annual ￡20.5 billion by 2025/26.

       The National Insurance rise, due next month, will generate ￡13 billion a year, while the rise in corporation tax from 19 to 24 per cent - due to take effect in April 2023 - will cost ￡17 billion, according to the IFS analysis of Treasury figures.

       It means Mr Sunak is on course to be one of the biggest tax-raising chancellors in post-war UK history, with the burden of taxation predicted to rise to 36.2 per cent of GDP by 2026-27, according to the OBR.

       Paul Johnson, the IFS director, told The Telegraph: “Rishi Sunak has announced more tax increases in his two years in charge than any chancellor in modern times over the whole of their tenure.

       “It has largely been smuggled in under the pandemic but actually has very little to do with Covid. It is more that we are moving into a period when the state is getting bigger, in part due to the increasing money we’re spending on the health service and other pressure from an ageing population.”

       MPs warned April’s National Insurance rise would compound the cost of living crisis caused by booming energy prices and Putin’s war in Ukraine, as they urged the Chancellor to cancel the tax increase.

       The Treasury Select Committee, chaired by Mel Stride, the Tory MP, warned that the National Insurance rise “combined with the already present pressures in the UK on the cost of living, will impact the whole country and will be felt particularly by low income households”.

       Mr Stride said the Government should act to help families. He called for the National Insurance rise to be scrapped and fuel taxes to be cut, as well as extra support for those on benefits.

       If the National Insurance increase cannot be fully abandoned, he said the threshold at which workers start paying it should rise.

       “It could provide quite a lot of relief particularly for the lower paid - that is something I would welcome,” he said.

       Craig Mackinlay, a Tory MP who has led demands for a fuel duty cut, said: “The NI rise is now completely unnecessary and the extra financing for the NHS and social care into the future can solely be paid for out of general taxation. It is not too late to pull back on this NI rise.”

       He said a 5p cut in fuel duty would be “an absolute minimum”, while Greg Smith, a Tory member of the Transport Committee, said petrol prices are now “out of control”. He added: “To make a meaningful difference to individuals, families and businesses it looks like at least 10p a litre is needed.”

       On Tuesday, Mr Sunak played down hopes of big giveaways, stressing the importance of “more resilient public finances” despite a budget boost from new borrowing figures.

       Official data revealed that borrowing in the first 11 months of the financial year was ￡26 billion lower than expected by the budget watchdog’s forecasts, creating more wriggle room for the Chancellor to lift spending.

       Public borrowing was at a worse than expected ￡13.1 billion in February as billions of pounds were added in debt interest costs, according to the Office for National Statistics. It was the second-highest borrowing for the month on record.

       However, big revisions to the previous month's borrowing data mean the Chancellor’s hand was strengthened going into Wednesday’s Spring Statement. The surplus in January was much higher than thought at ￡7.1 billion, up from the previous estimate of ￡2.9 billion.