I want to hear how changes in the cost of living are affecting you and your family.
The Government have set out a number of interventions to deal with increases in daily living costs and pending increases, with more help to come.
The Chancellor has announced the biggest net cut in personal taxes in over a quarter of a century, as part of our new Tax Plan to support working families with the cost of living and the impact of the situation in Ukraine.
The steps we are taking to sanction Russia are not cost free for us at home: the biggest impact will be on the cost of living for working families.
That is why we are reducing and reforming taxes: helping families with the cost of living, creating the conditions for private sector-led growth, and sharing the proceeds of growth fairly:
- Cutting fuel duty by 5p per litre for 12 months – a £5 billion tax cut and largest fuel duty cut ever.
- Cutting National Insurance now – a £6 billion tax cut for 30 million working people across the UK from July, worth over £330 a year – 70 per cent of people will pay less tax even after the levy.
- Cutting the basic rate of Income Tax to 19p from 2024 – the first income tax cut for 16 years, a £5 billion tax cut for over 30 million workers, savers and pensioners.
- Cutting business employment taxes now by raising the Employment Allowance to £5,000 – a tax cut for half a million small businesses worth up to £1,000 per business.
- Cutting VAT on energy saving materials like solar – a tax cut only possible because of Brexit.
- Doubling the Household Support Fund to £1 billion for councils to support the most vulnerable.
- Creating the conditions for private sector-led growth – through Autumn Budget tax cuts on business capital investment and R&D.
- Building on our over £9 billion package of support to help households with £350 to address rising energy costs.
Our Tax Plan delivers the biggest net cut to personal taxes in over a quarter of a century.
It is only because we are capable of the tough but responsible decisions to fix our public finances that we were in a position to respond quickly to the Coronavirus pandemic with a huge financial support package, that taxes are being cut and that public spending is increasing. Delivering this Tax Plan requires the continued discipline on public spending that only a Conservative government can provide.