Working families across South Thanet can look forward to having more money in their pockets – thanks to a range of new Government measures that came into effect this week.
From the start of the new tax year on 6th April, the tax free tax allowance has increased. The personal tax allowance increases to £12,500, an increase of £650 – and close to 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.
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.
On 1th April the National Living Wage increased by 4.9%, from £7.83 to £8.21 – 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. This will benefit around 188,000 people in the South East.
Craig Mackinlay MP commented:
“I have always supported keeping taxes down so people can keep more of their hard-earned money, and these measures are good news for 51,969 people in South Thanet who will see their taxes cut.
“We have once again cut income tax for workers and frozen fuel duty again, meaning a bit more money in people’s pockets at the end of the month.
“Our increase to the National Living Wage mean millions of the lowest paid will receive a pay rise and people can also look forward to greater security in their retirement through increases to the state pension and more private pension saving through auto-enrolment.
“We can only continue cutting taxes and increasing pay through a balanced approach to the economy.”