Burnley and Padiham’s MP has welcomed a tax cut worth £900 for the average worker following today’s budget.
By sticking to the plan, and more than halving inflation from 11.1. per cent to 4.0 per cent, the Conservatives have been able to cut taxes for people across Burnley and Padiham.
From April National Insurance will drop from 10% to 8%. Combined with the cut at the Autumn Statement, this will put another £900 back in the pockets of the average earner. And delivers the lowest effective personal tax rate since 1975!
Commenting, Burnley and Padiham’s MP Antony Higginbotham said:
Because we stuck to the plan, inflation has more than halved, the economy has performed better than forecast, wages are rising, mortgage rates are starting to come down, the economy has outperformed our European neighbours and debt is on track to fall as a share of the economy.
And this Budget is a result of the tough decisions taken by the Government to put us on a firm path to growth. It’s why we’re now in a position to cut taxes further, as I have wanted to do since the day I got elected.
Let’s be under no illusion, putting money back into people’s pockets not only wouldn’t be possible under Labour, due to their reckless spending plans, but it wouldn’t even be on their agenda.
Cutting National Insurance is the fairest and most effective way to incentivise work and drive growth, whilst also reducing the overall tax burden.
The plan is also seeing National Insurance cut for the self-employed, delivering a combined tax cut worth on average £650.
Thanks to these latest tax cuts, and to above-inflation increases to tax thresholds since 2010, an average worker in 2024-25 will pay over £1,600 less in personal taxes than they otherwise would have done.
Commenting, Chancellor of the Exchequer Jeremy Hunt MP said:
Because the Conservatives are sticking to the plan with the economy inflation is down from 11.1 per cent to 4.0 per cent, meaning we can cut taxes and put more money in people’s pockets to grow the economy.
Our Budget cuts taxes to reward work, supports small businesses and helps more parents with the cost of childcare to grow the economy and fund public services.
By sticking to the plan, the Conservatives will deliver a stronger economy to build a brighter future. Labour cannot say what they would do with the economy because they do not have a plan and would take us back to square one.
