Yersterday’s Budget announced that the Income Tax Personal Allowance will be raised to £10,000 in April 2014 – one year sooner than had been expected.
This means 72,200 working people in B&NES will get a further Income Tax cut, bringing the total tax cut to £700 a year since Liberal Democrats joined the Coalition Government.
In B&NES this welcome news also means that 6,290 low-earners will have been lifted out of paying Income Tax thanks to Liberal Democrats in the Coalition Government.
Commenting, Don Foster MP said: “Liberal Democrats are working for a stronger economy and a fairer society, so that everyone can get on in life so we are cutting taxes for ordinary working people.
“Liberal Democrats want fairer taxes, which is why we made raising the tax-free allowance our number one priority at the General Election – so important that we put it on the front page of our manifesto.
“When times are tough, with rising bills and wages not keeping pace with inflation, we want to give people real, practical help.
“Cutting Income Tax will not deal with all of those problems, but it will help. And I hope it will make a big difference to every family in this country.”
Commenting further, Liberal Democrat Chief Secretary to the Treasury, Danny Alexander said: “When times are as tough as they are now, our focus must be on helping those on low and middle incomes. That’s why we’ve made delivering on this promise our number one priority in Government.
“It’s also why we have scrapped another of Labour’s fuel duty rises, so filling up your car will be £7 cheaper than under Labour plans. And why we are cracking down on tax dodgers so that everyone is paying their fair share.
“All of this has been done while sticking to our tough but necessary plan to deal with this country’s financial problems. Britain can’t afford unfunded giveaways – unlike the last Labour Government, we have made sure everything is paid for.”
