UK Chancellor delivers lower taxes, more investment and better public services in "Budget for Long Term Growth" (32.81)
- "Chancellor capitalises on progress with ‘Budget for Long Term Growth', sticking to the plan by putting over £900 a year back into the average worker's pocket thanks to changes at Autumn Statement and a second
- Employee National Insurance tax cut from 10% to 8% in April for 27 million working people.
- 2 million self-employed also get a second tax cut through a further 2p reduction in the NICs main rate from 8% to 6% - saving the average self-employed worker £650 when combined with cuts at Autumn Statement.
Personal tax cuts since Autumn are worth £20 billion, slashes the effective personal tax rate for an average earner to its lowest level since 1975, and will lead to equivalent of 200,000 more full time workers joining the labour market. - High Income Child Benefit Charge to be assessed on a household-basis by April 2026, and immediate support for working families by increasing the threshold to £60,000 and halving the rate at which Child Benefit is repaid -- representing a £1,260 boost on average for around half a million working families.
- ‘Budget for Long Term Growth' sticks to the plan by delivering lower taxes, better public services and more investment, while increasing size of economy by 0.2% in 2028-29 and meeting fiscal rules -- taking the long-term decisions needed to build a brighter future."