Ben Everitt, the MP for Milton Keynes North, has welcomed tax cuts for employees, the self-employed and businesses across Milton Keynes in the Chancellor's Autumn Statement.
Chancellor Jeremy Hunt has slashed the rate of National Insurance Contributions (NICs) from 12 per cent to 10 per cent. which means the average worker earning £35,000 a year will get a £450 tax cut.
He also abolished an entire class of NICs and cut the rate of the NICs top rate from 9 per cent to 8 per cent – an average total saving of around £350 for someone earning £28,000 a year.
On top of this the Chancellor cut business taxes by £11 billion, the biggest business tax cut in modern British history by permanently enabling businesses to invest for less and offset investments against their tax bills.
The Government is also freezing the small business multiplier again, saving an average shop £1,650, and extending the Retail Hospitality and Leisure Relief for a year, as well as boosting pensions by 8.5 per cent and increasing Local Housing Allowance with an average income boost of £800.
This follows the news earlier today that the National Living Wage would be boosted by a record amount to £11.44 an hour, up from £5.93 after the last Labour Government left office in 2010. This will support an estimated 5,969 people in Milton Keynes.
Ben Everitt MP said: "Getting more money back into the pockets of working people and businesses across Milton Keynes is absolutely the right thing to do after we succeeded in halving inflation this year.
"This Conservative Government is getting on with the job of supporting workers and businesses, while Labour continue to play political games. Only Conservatives can be trusted on the economy."
