- Unemployment is at its lowest level since 1974 and there are record numbers of people on company payrolls - but global pressures are pushing up household costs, so this Conservative Government is committeed to helping hard-working people keep more of the money they earn.
- From today the Conservative Government is delivering a £6 billion tax cut for 30 million working people across the United Kingdom, worth over £330 a year, by raising the National Insurance personal threshold from £9,500 to £12,570. This is the single largest cut to personal taxes in a decade and the largest increase in a starting personal tax threshold in British history.
- More people will be better off even after paying the new Health and Social Care levy as the Government cuts tax to ease the burden on households and rebuild our economy.
Mario Creatura has welcomed the single largest cut to personal taxes in a decade for 2.7 million workers across Surrey and the South East.
The Conservative Government are delivering the single largest cut to personal taxes in a decade, bringing the personal threshold for National Insurance tax to £12,570, up from £9,500. This is a tax cut worth £6 billion to 30 million workers across the country.
This cut means the average worker will save up to £330 a year and for the first time, workers can earn up to £12,570 without paying a penny of Income Tax or National Insurance tax.
2,670,000 people across the South East will see a benefit of this cut, reducing burdens on household budgets and helping us rebuild our economy as more people take up work.
Commenting, Mario Creatura said:
“It is right that hard-working people are rewarded and that more people across the country benefit from the money they earn – especially as people around the world face a global rise in prices.
“So it is welcome news that 2.7 million people across Surrey and the South East will benefit from the rise in the National Insurance threshold – the single largest cut to personal taxes in a decade from this Conservative Government.
“This rise, which will benefit 30 million workers across the country, will be a huge help for household budgets across Surrey.”
- The Conservative Government are increasing the National Insurance personal thresholds from £9,500 to £12,570, delivering a £6 billion tax cut for almost 30 million workers. At the Budget 2020, the Conservative Government increased the amount people can earn before paying National Insurance to £9,500. The Conservative Government have now gone further by raising this threshold to £12,570, meaning hard-working people pay less tax on the money they earn (HM Treasury, Policy paper, 23 March 2022, link).
Photo by Nick Fewings on Unsplash
- The Conservative Government are delivering the largest single personal tax cut in a decade and largest increase in a personal tax threshold in British history, saving 30 million works over £330 a year. By raising this threshold to £12,570 from today the Conservative Government are delivering the largest increase in a starting personal tax threshold in British history worth over £330 a year for 30 million workers. This is the largest single personal tax cut in a decade (HM Treasury, Policy paper, 23 March 2022, link).
Photo by Nick Fewings on Unsplash
