- Greg Hands MP has welcomed this month’s tax cut for 29 million working people, sticking to the plan to put more money in the pockets of hardworking people across Chelsea & Fulham.
- By sticking to the plan to halve inflation and strengthen the economy, the Conservative Government have been able to put more money in people’s pockets by cutting the rate of National Insurance by a further two pence – together with tax cuts announced at the Autumn Statement 2023, these cuts are worth £900 for the average worker on £35,400.
- This tax cut puts more money in people’s pockets and delivers on the Conservatives’ plan to end the double tax on work, rewarding hard work and building a brighter future for people and their families.
Greg Hands MP has welcomed tax cuts worth £900 for the average worker on £35,400 a year, coming into effect this month for people across Chelsea & Fulham.
By sticking to the plan, and more than halving inflation from 11.1% to 3.4%, the Conservatives have been able to further cut taxes for people across Chelsea & Fulham.
At the Budget 2024, the Conservatives announced that National Insurance contributions will be cut to 8%. Taken together with the cut to National Insurance announced last year, the Conservatives have delivered a tax cut worth a total of £900 a year for a worker on the average salary of £35,400.
Cutting National Insurance is the fairest and most effective way to incentivise work and drive growth, whilst also reducing the overall tax burden. The Conservatives will also cut National Insurance for the self-employed, delivering a combined tax cut worth £650 for the average earnings of £28,000 a year.
These tax cuts will come into effect on 6 April 2024, meaning people across Chelsea & Fulham will see more money in their April pay packets.
Thanks to Conservative led tax cuts, and above-inflation increases to tax thresholds since 2010, an average worker in 2024-25 will pay over £1,500 less in personal taxes than they otherwise would have done.
These tax cuts follow the Conservatives’ decision to stick to the plan to strengthen the economy and end the double tax on work, delivering a brighter future for more people across the country.
Commenting, Greg Hands MP said:
“The Conservatives are the only party with a plan to cut taxes for working people because we believe that hard work should be rewarded.
That is why the average worker earning £35,400 will benefit from a tax cut worth £900 a year – from this month – as the Conservatives stick to the plan to end the double tax on work.
This progress is thanks to the long-term decisions the Conservatives have taken to stick to the plan and strengthen the economy, helping to secure a brighter future for families across Chelsea & Fulham.”
Commenting, Chancellor of the Exchequer, Jeremy Hunt MP said:
“Because we stuck to the plan, the economy has turned a corner – inflation has fallen from 11.1% to 3.4%, wages are rising, mortgage rates are starting to come down and debt is on track to fall.
That is why this April we are cutting the double tax on work, putting £900 back in the pockets of the average worker, freezing business rates, boosting pensions, cutting the cost of childcare and delivering a record increase to the National Living Wage.
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 – they would take us back to square one.”
ENDS
