Yesterday, we announced that a Conservative majority government will cut taxes for millions of hard working people.
We will help people with the cost of living with our plans to:
- Cut taxes for 31 million people by raising the national insurance threshold from £8,632 to £9,500 – meaning a tax cut of approximately £100 for millions of workers.
- Ultimately raise the threshold to £12,500 for all people which would put almost £500 in people’s pockets.
- Since 2010 we have already cut income tax for 32 million people by raising the level of personal allowance to £12,500 – meaning a typical basic rate taxpayer now pays £1,205 less tax than in 2010.
This tax cut demonstrates that once we get Brexit done, our priority is helping hard working people on low incomes and improving their lives.
I believe in a fair and sustainable tax system which ensures that everyone continues to pay their fair share of tax and allows people to keep more of their earnings. I welcome the announcements made last year which will deliver tax cuts for over 32 million people, and I now welcome these new announcements.