If you have a large amount in savings, or if you fail to use the tax-free Isa allowance, then you will pay more tax from April.

You do not pay tax on all savings. There is the annual £20,000 Isa allowance, and an annual savings income allowance (in other words, the interest received on a savings pot) of £1,000 for basic rate taxpayers and £500 for higher-rate taxpayers.

But beyond that savings tax rates will rise by four percentage points to 24% and 44% respectively from April.

Landlords could also pay more in tax. In analysis published on Wednesday, the Office for Budget Responsibility (OBR) said these steps along with measures over the past decade that have reduced private landlord returns "collectively risk leading to a steady rise in rents".