Mar 23, 2022

Spring Statement: Rishi Sunak vows to cut income tax before 2024 election

Chancellor Rishi Sunak has promised to cut the basic rate of income tax by the next general election in 2024.He sought to protect lower-earners from the impact of April's National Insurance increase, in his Spring Statement. She told MPs: "In eight days, people's energy bills will be rising by 54%, two weeks today the chancellor's tax hike will start hitting working people and their employers."His National Insurance tax rise was a bad idea last September and he's admitted it's an even worse one today. Giving his reaction to the chancellor's statement, Paul Johnson, director of the Institute for Fiscal Studies think tank, said: "What is the possible justification for cutting income tax rate while raising NI rate? Observers will point to tax increases that are happening with much less fanfare. In a surprise announcement at the end of his statement, he said his ambition was to cut the basic rate of income tax by 1p in the pound.

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