The new income tax personal allowance of £10,000 has come into effect meaning that 24m working people are paying £700 less in income since the present Government came to power and 2.7m of people in the lowest paid jobs will no longer pay any income tax at all.
From next April, the personal allowance will rise again to £10,500, giving working people a £800 tax cut in total
Speaking at the Welsh Liberal Democrat Conference in Newport this weekend, Nick Clegg said:
“From the previous Labour government we inherited an economy in crisis: spiralling debt, a record peace time deficit and a broken banking system.
But by entering into Coalition we gave the country stable government.
We stuck to our guns on our economic strategy, despite the pressure to change course.
We made sure that this strategy is about more than just cuts. As important as it is to get the public finances under control, you also have to invest in the things that drive growth: record numbers of apprenticeships, billions of pounds to support businesses, unprecedented investment in Britain’s roads and rail.”
Source: http://andrewstunell.org.uk