Local MP, Caroline Dinenage, has welcomed the news that 48, 552 local residents have benefitted from this weekend’s income tax changes.
From April 6th working families in Gosport saw more money in their pockets – thanks to a range of new Government measures coming into effect this week.
- Giving 32 million people an income tax cut, including 48 552 people in Gosport, meaning people can keep more of what they earn, on average £1,205.
- Freezing fuel duty for the ninth successive year saving the typical driver saving the average car driver £1,000 by 2020 compared to Labour’s plans.
- Giving a £690 annual pay increase to over 2.4 million workers through the National Living Wage – benefiting around 188, 000 people in the South East.
- Giving people more dignity and security in their retirement in Gosport by increasing the full State Pension by 2.6 per cent this year, meaning people will get nearly £170 more a year.
From the start of the new tax year on 6 April, the personal allowance and higher rate of income tax will increase. The personal tax allowance will increase to £12,500, an increase of £650 – almost double what it was under Labour. This means a basic rate taxpayer will pay over £1,200 less income tax than they did in 2010, giving people more money in their pockets.
Our income tax cuts have taken 1.74 million of the lowest paid workers out of paying income tax altogether and taken 230,000 people out of the higher rate 40% tax bracket since 2015.
As well as cutting taxes for millions of people a year earlier than planned, fuel duty has been frozen for a ninth year in a row, saving those who use a car to travel to work and visit family thousands of pounds.
From 1 April new rates of the National Living Wage will rise again, from £7.83 to £8.21, a 4.9 per cent increase – handing a full-time worker a further £690 annual pay increase and taking his or her total pay-rise, since the introduction of the National Living Wage, to over £2,750 a year.
Gosport MP, Caroline Dinenage, commented:
“I am extremely pleased to see so many local residents benefitting from changes this week. Gosport residents work incredibly hard to support their families and deserve to keep more of their wages. I am pleased to see that the Conservatives have kept their committed to keep taxes down. We need to keep cutting taxes and increasing pay through our balanced approach to the economy.”