From April 2015 the personal allowance will rise to £10,500, cutting taxes for 25 million people and taking another 290,000 people out of paying income tax altogether. Here in the Sherwood constituency almost 37,000 people will benefit from this change, with a reduction in their income tax and more pay to take home. Rises in the personal allowance since 2010 mean that by April next year a typical basic rate taxpayer will be paying £805 less in tax than they would have been, with 3.2 million people taken out of income tax altogether.
Along with this tax reduction this government will set a national cap on welfare spending, help reduce energy costs to businesses and households, freeze petrol duty again to keep costs low and provide support for childcare for working families up to £2000. The economic forecast has been upgraded to 2.7%, much higher than initially expected.
All of this is great news for Sherwood taxpayers and families. This government is rebuilding the economy and doing a grand job; the Office of National Statistics has improved its forecast for the coming year; and now it is vital that the improvements are felt in the pockets and paypackets of hard working people here at home!