Why the UK 'cannot afford a fifth term Tory government' explained.
Rishi Sunak leaves 11 Downing Street for the House of Commons to deliver his Spring StatementBudgets and financial statements are the set pieces that define a Government.
As the Institute for Fiscal Studies pointed out this week, anyone earning over £25k will pay more tax this coming year - even after the increase in NICs thresholds announced in the spring statement. Seven out of eight taxpayers will be paying more in tax after all the measures are taken into account.
That was always a myth and the Chancellor’s actions have proven the case. This was confirmed by the second tax announcement he made – that there would be a cut of 1p in the income tax rate in two years’ time. This would give back the second half of what he had originally proposed to raise through the NICs rise.
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