Households are likely to face “higher taxes” in the next few years despite the Government’s recent reduction to the National Insurance rate, experts claim. On January 6, the rate of National Insurance was slashed from 12 per cent to 10 per cent which Chancellor Jeremy Hunt claimed would be worth “nearly £1,000 for a typical two-earner family”. Despite this cut, experts are warning that the overall tax burden for lower income families will go up in the next couple of years. This is primarily due to fiscal drag which occurs when wages rise but tax allowance thresholds remain the same. During his…