Easing the pressure on the cost of living is a key focus of this government, and is particularly important for places like Elmbridge because housing and childcare are expensive.
So I welcome the government’s decision to raise the National Insurance contributions thresholds – for both employed and self-employed people – to £9,500 in the next tax year.
A typical employee will save around £104 in 2020/21, with self-employed people saving £78. This is particularly good news for low and middle income residents across the borough.
Since 2010, we’ve made good progress on cutting the cost of living. Increases in the personal allowance mean that the average taxpayer is now saving keeping over £1,200 more every year, compared to 2010, and we’ve raised the National Living Wage to £8.21 per hour.
This latest tax cut, alongside our pledge not to raise the rates of Income Tax, VAT or National Insurance, demonstrates the strength of our commitment to addressing the cost of living.
(Dominic meeting with Esher Citizen’s Advice Bureau in September 2019)
