James Wright has welcomed a tax cut worth £900 for the average working on £35,400 a year, thanks to the Conservative Government’s Budget.
By sticking to the plan, and more than halving inflation from 11.1. per cent to 4.0 per cent, the Conservatives have been able to cut taxes for people across Bath.
At the Budget, 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.
Thanks to Conservative led tax cuts, and to above-inflation increases to tax thresholds since 2010, an average worker in 2024-25 will pay over £1,600 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, delivering a brighter future for more people across the country.
Commenting, James Wright said:
“Because we stuck to the plan inflation has more than halved the economy has performed better than forecast, wages are rising, mortgage rates are starting to come down, the economy has outperformed European neighbours and debt is on track to fall as a share of the economy.
“That is why we have been able to afford tax cuts, rewarding hardworking families across [CONSTITUENCY].
“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.
Commenting, Chancellor of the Exchequer Jeremy Hunt MP said:
“Because the Conservatives are sticking to the plan with the economy inflation is down from 11.1 per cent to 4.0 per cent, meaning we can cut taxes and put more money in people’s pockets to grow the economy.
“Our Budget cuts taxes to reward work, supports small businesses and helps more parents with the cost of childcare to grow the economy and fund public services.
“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 and would take us back to square one.”
