As inflation has fallen by over half of what it was one year ago and the economy is growing better than expected, I'm pleased to see today's announcements of pay increases and tax cuts for workers and businesses across our community.
More details to follow but here are some highlights:
- National Insurance Contributions cut from 12% to 10% from as soon as January. For the average worker earning £35,000 a year, that means a £450 tax cut.
- Honour the Triple Lock and boost state pension by 8.5% - £3,750 higher than it was in 2010.
- Cut to the rate of the NICs top rate from 9% to 8% - with an average total saving of around £350 for someone earning £28,000 a year.
- Cut business taxes by £11 billion – the biggest business tax cut in modern British history.
- Continue the freeze on alcohol duty
- Cut business rates by freezing the small business multiplier yet again, saving an average shop £1,650, and extending the Retail, Hospitality and Leisure Relief.
- Boost the National Living Wage to record levels: £11.44 an hour. That is a 9.8% increase, benefiting 2.7 million workers.
- Help the most vulnerable with an average income boost of £800.
