Today, the Chancellor put more money back in your pocket as he unveiled the Spring Budget.
National insurance has been cut again, from 10% to 8%.
That’s a £900 tax cut for people on average salaries.
Here’s a round up of some of the measures that will make a difference in East Devon:
• Cut taxes for 27 million working people from April, by again cutting the main rate of employee National Insurance Contributions (NICs) from 10% to 8%. Combined with the cut at the Autumn Statement, this is a tax cut of over £900 for the average worker – giving the average earner the lowest effective personal tax rate since 1975.
• Cut taxes for two million of the self-employed, by cutting the main rate of Class 4 NICs from 9% to 6%. Combined with the tax cuts for the self-employed at the Autumn Statement, this is a tax cut of around £650 for an average self-employed person earning £28,000 a year.
• Freezing fuel duty, delivering the fourteenth consecutive fuel duty freeze under the Conservatives - helping to save motorists money at the pump.
• Freezing alcohol duty, which will support over 8,000 hospitality venues in the South-West, backing the local economy and driving costs down for businesses.
• Taking thousands of businesses out of paying VAT by increasing the VAT threshold for small businesses, creating jobs, and growing the economy.
• Support and reform the NHS with £2.45 billion for next year and a new £3.4 billion productivity plan, saving money, freeing up clinicians’ time to focus on patients, and cut wait times.
• Abolish the Furnished Holiday Lettings tax regime to level the playing field between short-term and long-term lets and support people to live in their local area.
• Providing an additional £500 million to enable the extension of the Household Support Fund in England from April to September 2024.
• Extend the current rate of Theatre Tax Relief beyond April 2025.
I will continue with my campaigns to help the hospitality and tourism industry, improve SEND funding and invest in our roads.
As announced at the Autumn Statement, the state pension will rise by 8.5%, in line with our Triple Lock – ensuring dignity in older age for those who have worked their entire lives. We introduced the Triple Lock, and we’re protecting it.
Because we're sticking with our plan, the economy is turning a corner. Inflation has more than halved. Mortgage rates are starting to fall. We’re cutting taxes so you keep more of your own money.
This is good for jobs, good for the economy — and ensures that work always pays.