Local MP Antony Higginbotham has welcomed a tax cut for 3.1 million people in the North West, saving workers an average of more than £300 a year.
With inflation falling, and global economic conditions stabilising, the Conservative Government are now able to turn its attention to the long-term decisions required to strengthen the economy and build a brighter future.
That is why, at the Autumn Statement for Growth, the Chancellor announced from January 2024 Employee National Insurance will be cut from 12 per cent to 10 per cent, delivering a tax cut of £450 for the average worker earning £35,000.
The Chancellor also announced the Conservative Government are cutting National Insurance for the Self Employed, with a total average saving of £340 a year.
Today’s tax cut means a senior nurse with five years of experience will receive an annual gain of £600; a typical police officer will receive an annual gain of over £630; a typical junior doctor will receive an annual gain of over £750 and a hard-working family with two earners on the average income will be £900 better off a year.
This tax cut is only possible because of the long-term, difficult decisions the Conservative Government took to get inflation falling and strengthen the economy.
Commenting, Antony Higginbotham MP said:
All of us who sit on my side of the political divide want to see taxes reduced, because I firmly believe it’s people who know how best to spend their money. Not the state. But we have to balance that against sound management of the public finances, as events 12 months ago showed.
The Prime Minister made a promise to people that taxes would be cut when inflation was falling and, having made some difficult decisions, that is what this Conservative Government has delivered.
“3.1 million people across the North West, including tens of thousands across Burnley and Padiham, will have their taxes cut by more than £300 a year on average thanks to the Conservative Government’s long-term decisions for a stronger economy. And this matters because it means people rightly get to keep more of their hard-earned money, ensuring work always pays under a Conservative Government.
Commenting, Chancellor of the Exchequer Jeremy Hunt MP said:
With inflation falling, and global economic conditions stabilising, we are now able to turn our attention to the long-term decisions required to strengthen our economy and build a brighter future.
Our Autumn Statement for Growth takes those long-term decisions to reduce debt, cut tax, reward hard work and back British business right across the country.
By doing so we are making huge progress in tackling the long-term economic challenges facing the UK so we can build a more dynamic economy that delivers prosperity across our United Kingdom.
