Working families across Lincoln can look forward to having more money in their pockets – thanks to a range of new Government measures coming into effect this week.
- Giving 32 million people an income tax cut, including 45,475 people in Lincoln, meaning people can keep more of what they earn on average £1,205.
- Freezing fuel duty for the ninth successive year saving the typical driver saving the average car driver £1,000 by 2020 compared to Labour’s plans.
- Giving a £690 annual pay increase to over 2.4 million workers through the National Living Wage – benefiting around 157,000 people in the East Midlands
- Giving people more dignity and security in their retirement in Lincoln by increasing the full State Pension by 2.6 per cent this year, meaning people will get nearly £170 more a year.
From the start of the new tax year on 6 April, the personal allowance and higher rate of income tax will increase. The personal tax allowance will increase to £12,500, an increase of £650 – almost double what it was under Labour. This means a basic rate taxpayer will pay over £1,200 less income tax than they did in 2010, giving people more money in their pockets.
Our income tax cuts have taken 1.74 million of the lowest paid workers out of paying income tax altogether and taken 230,000 people out of the higher rate 40% tax bracket since 2015.
As well as cutting taxes for millions of people a year earlier than planned, fuel duty has been frozen for a ninth year in a row, saving those who use a car to travel to work and visit family thousands of pounds.
From 1 April new rates of the National Living Wage will rise again, from £7.83 to £8.21, a 4.9 per cent increase – handing a full-time worker a further £690 annual pay increase and taking his or her total pay-rise, since the introduction of the National Living Wage, to over £2,750 a year.
Lincoln’s Conservative parliamentary candidate, Karl said: “The Conservatives have always been committed to keeping taxes down so people can keep more of their hard-earned money, and these measures are good news for 45,475 people in Lincoln who will see their taxes cut.
“We have once again cut income tax for workers and frozen fuel duty again, meaning a bit more money in people’s pockets at the end of the month. Our increase to the National Living Wage means millions of the lowest paid will receive a pay rise and people can also look forward to greater security in their retirement through increases to the state pension. We can only continue cutting taxes and increasing pay through our balanced approach to the economy.”