UK workers set to get £450 rise as government plans further tax cuts

The UK government has announced plans to give workers an extra £450 as the autumn approaches, in a bid to tackle what it sees as an unfair burden on people’s pay slips.

UK government plans additional financial support for workers

In a remarkable fiscal policy move, Chancellor Jeremy Hunt implemented two successive cuts to National Insurance contributions this year.

The first cut, in February, was followed by another in April, resulting in an average saving of £450 for each individual, with the payroll tax charge reduced by two percentage points.

In addition, the Prime Minister recently announced that the government was currently studying the possibility of providing additional financial support to workers next autumn, while clarifying that this measure would only be implemented if it was deemed financially feasible.

If this proposal is consistent with the previous two cases, workers could potentially receive an extra £450, contributing to their overall income.

Speaking at a press conference, Mr Hunt declared his intention to completely eliminate the “unfair” “double taxation” of National Insurance under the proposed cuts.

He stressed that there was no reason to apologize for continually reducing the burden of this double taxation on labor until it was completely eradicated.

However, he clarified that these reductions would only be implemented if they could be achieved without increasing borrowing or jeopardizing the financing of public services or pensions.

Hunt said it was “unfair to tax labor twice” and added: “We won’t stop there. If we can afford to go further to responsibly reduce double taxation of labor this fall , that’s what I’ll do.”

This means the average worker will see £450 returned to their payslip within 12 months of the tax cut, if it is implemented as planned.

Further tax cuts if the Tories win the election

Prime Minister Jeremy Hunt has pledged to cut taxes at the next election if the Conservative Party wins.

In today’s statement on tax rises, the Chancellor said: “If we can afford to go further, more responsibly, by reducing double taxation on work this autumn, then it “That’s what I’ll do.”

Further tax cuts if the Conservatives win the election, #JeremyHunt Promises. pic.twitter.com/3H3di5AVps

– Econostrum (@Econostrum_) May 18, 2024

The chancellor explained that the party was working to increase funding for its spending commitments.

It said they were publishing “50 new documents setting out details of policies that will be announced in the next financial year, totaling £59 billion over the following four years.”

Jeremy Hunt predicted he would try to cut taxes further this fall, but only if he could do so responsibly.

The Chancellor said: “If we can afford to act more responsibly this autumn to reduce double taxation on work, then that is what I will do.