Monday, 1 April 2019

An income tax cut, fuel duty freeze, and an increase in the National Living Wage

Today, changes have come into force that will put more money in your pocket, help you keep more of the money you earn, and help our small businesses to grow. 

The National Living Wage - a policy I have championed for many years - has increased to £8.21 an hour. That's a 35% increase since 2010, and means that someone working full time will have seen their income increase by almost £3,000 since the Living Wage was introduced in 2016. 

Changes to the National Living Wage since 2010

The Personal Allowance - the amount of money you can earn before paying any tax - has been increased to £12,500. This means typical taxpayer will take home an additional £130 every year. 

Changes to the Personal Tax Allowance since 20101

Business rates for small retailers will be cut by one third, part of more than £13 billion of rates relief since 2016. This is in addition to the £675 million for local high streets to improve transport links, re-develop empty shops as homes and offices, and restore and re-use historic buildings.

Fuel duty will remain frozen for the ninth year running, saving the average driver £1,000 since 2010.