July 3, 2022 11:45
British Prime Minister Boris Johnson and Chancellor of the Exchequer Rishi Sunak have written a joint article to announce what they describe as the “largest one-off tax cut in a decade” to tackle Britain’s cost-of-living crisis.
Writing in the Sun newspaper on Sunday, the prime minister and chancellor said that when the national insurance threshold rises on Wednesday, it will save up to £330 ($400) a year for each of the 30 million British employees.
According to British news agency BA Media, Johnson and Sunak added that the historic tax cut would amount to 6 billion pounds in value and exempt 2.2 million people from paying “any national insurance or income tax on their earnings entirely,” with the National Insurance falling for ” About 70% of British employees.
In a rare joint op-ed by the two officials, they noted the billions the government plans to spend to ease inflation by providing relief for council tax bills, fuel surcharges and energy costs.
Source: db a
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