Rebecca Pow MP welcomes tax cut for people across Taunton Deane

Having met their target to halve inflation, the Government are now able to cut taxes.

From today (6 January 2024) employee National Insurance contributions will be cut from twelve per cent to ten per cent, delivering a tax cut of £450 for the average worker earning £35,000.

The Government will also cut National Insurance for the Self Employed, delivering a total average saving of £340 a year which will come into force later this 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, Rebecca Pow MP said:

“The Prime Minister made a promise to people across the country that taxes would be cut when inflation was falling and that is what this Government is delivering today.

“This means people 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 halved, we’ve turned a corner and are cutting taxes – starting with today’s record cut to National Insurance worth nearly £1,000 for a household.

“From nurses and brickies, to cleaners and butchers, 27 million hard-working Brits will have a little more cash in their pockets.”