We are delivering on our promise to match National Insurance Contributions and Income Tax thresholds later this year.
From July, people will be able to earn £12,570 a year without paying a single penny of Income Tax or National Insurance.
This is a £6 billion personal tax cut for 30 million people right across the country and is worth over £330 a year per person. The largest single personal tax cut in a decade and it is the best way to help low and middle earners through the tax system.
We will not stop here. In two years time we will cut the basic rate of Income Tax from 20p to 19p in the pound- a further £5 billion tax cut for workers, pensioners, and for savers.
Our tax plan delivers the biggest net cut to personal taxes in over a quarter of a century and will go a long way to helping hard working families with the increased cost of living.
