- Greg Hands has welcomed a tax cut for 4,320,000 people in London thanks to the long-term decisions taken by the Conservative Government at the Autumn Statement for Growth.
- From 6 January 2024, National Insurance Contributions for 27 million working people will be cut from 12% to 10%, delivering a tax cut of £450 for the average worker earning £35,000.
- This means people will have more money in their pockets, helping to grow the economy and reward hard work.
Greg Hands has welcomed a tax cut for 4,320,000 people in London, saving workers an average of £450 a year.
Having met their target to halve inflation, the Conservative Government are now able to cut taxes.
From 6 January 2024, employee National Insurance contributions will be cut from 12% to 10%, delivering a tax cut of £450 for the average worker earning £35,000.
The Conservative 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.
This 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, Greg Hands said:
“The Prime Minister made a promise to people across London that taxes would be cut when inflation was falling and that is what this Conservative Government is delivering.
4,320,000 people across London will have their taxes cut from 6 January, thanks to the Conservative Government’s long-term decisions for a stronger economy.
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 a 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.”