Families across Milton Keynes are set to receive a tax cut worth an average of £900 THIS MONTH as part of the Conservative Government's plan to put more money into the pockets of hardworking people.
At the Budget 2024, the Conservatives announced that National Insurance contributions will be cut to eight per cent. Taken together with the cut to National Insurance announced last year, the Conservatives have delivered a tax cut worth a total of £900 a year for a worker on the average salary of £35,400.
Cutting National Insurance is the fairest and most effective way to incentivise work and drive growth, whilst also reducing the overall tax burden. The Conservatives will also cut National Insurance for the self-employed, delivering a combined tax cut worth £650 for the average earnings of £28,000 a year.
These tax cuts will come into effect on 6 April 2024, meaning people across Milton Keynes will see more money in their April pay packets.
Thanks to Conservative led tax cuts, and above-inflation increases to tax thresholds since 2010, an average worker in 2024-25 will pay over £1,500 less in personal taxes than they otherwise would have done.
These tax cuts follow the Conservatives’ decision to stick to the plan to strengthen the economy and end the double tax on work, delivering a brighter future for more people across the country.
Ben Everitt, the MP for Milton Keynes North, said; "The Conservatives are the only party with a plan to cut taxes for working people because we believe that hard work should be rewarded.
“That is why the average worker earning £35,400 in Milton Keynes will benefit from a tax cut worth £900 a year – from this month – as the Conservatives stick to the plan to end the double tax on work.
“This progress is thanks to the long-term decisions the Conservatives have taken to stick to the plan and strengthen the economy, helping to secure a brighter future for families across the country.”
Chancellor of the Exchequer, Jeremy Hunt MP said: “Because we stuck to the plan, the economy has turned a corner – inflation has fallen from 11.1 per cent to 3.4 per cent, wages are rising, mortgage rates are starting to come down and debt is on track to fall.
“That is why this April we are cutting the double tax on work, putting £900 back in the pockets of the average worker, freezing business rates, boosting pensions, cutting the cost of childcare and delivering a record increase to the National Living Wage.
“By sticking to the plan, the Conservatives will deliver a stronger economy to build a brighter future. Labour cannot say what they would do with the economy because they do not have a plan – they would take us back to square one.”
