Today in the Spring Statement, the Chancellor set out his plans to ease the cost of living for working families across Wales with the largest tax cuts in a quarter of a century:
- Fuel duty will be cut by 5p per litre until March 2023- Something I previously called on the Government to do!
- Zero VAT TAX CUT on energy-saving products for the next five years.
- Adding £500 million to the household support fund, allowing local authorities to help those in need in their local area. As such, the Welsh Government will receive an additional £25 million.
- Raising the National Insurance contribution threshold by £3,000, resulting in a TAX CUT worth £330 per year.
- By the end of this Parliament, the basic rate of income tax will be cut to 19%, resulting in a TAX CUT worth £175 for 1.5 million taxpayers across Wales.
- An increase in the Employment Allowance, resulting in a TAX CUT for small businesses worth up to £1,000
I strongly support these tax cuts as it means more money remains in the pockets of the Welsh people and delivers the biggest net cut to personal taxes in over 25 years.