Don Foster MP

News

What would you do with an extra £60 in your pocket?

March 19, 2024 by Don Foster MP in Early Day Motions, News with 0 Comments

On the 6th of April, all apart from the richest taxpayers will see a rise in their take home pay. This is because the Coalition is raising the personal allowance of income tax (the amount of money you can earn before you begin to be taxed). This was a key Liberal Democrat manifesto pledge which the Liberal Democrats fought hard for in the Coalition negotiations and a policy which will make a real difference to working families and young people around the country. In April, every worker will be given a tax cut of £126; that’s £126 extra in their pay packets over the year.

This is on top of the £200 tax cut which happened last April, which is when the personal allowance was first raised by the Coalition. From April this year, over a million working people will no longer pay income tax because of the Coalition’s tax policy.

But we need to go further and faster. The Coalition is working hard to make sure we’re all in this together by clamping down on tax avoidance, taxing the banks by an extra £2.5bn every year and stopping inheritance tax cuts for millionaires, but as a Liberal Democrat I want us to do more.

I want the Coalition to prioritise tax cuts for hard-working people by raising the personal allowance further and faster. That would give you £60 a month extra in your wages, that’s £60 you can spend on the weekly shop, put towards the quarterly gas bill or a well-deserved holiday.

When times are tough, it’s only fair to ease the burden on low-earners by increasing the amount paid by the richest. This is what the Liberal Democrats are fighting hard for in the budget negotiations with our Coalition partners.

To push for this further increase I have signed EDM 2791 that states:

That this House congratulates the Coalition Government on its increase in the personal allowance of income tax, which has already taken 800,000 working people out of the tax system and given 23 million people a 200 tax cut; welcomes the commitment to increasing the threshold to 10,000, which will save working people 700 a year and take millions of the lowest paid workers out of the tax system; and calls on the Chancellor of the Exchequer to go further and faster in his 2012 Budget.

Leave a reply

Your email address will not be published. Required fields are marked *

*