The biggest rabbit to emerge from chancellor Rishi Sunak’s hat at this year’s Spring Statement was arguably his commitment to lowering the basic income tax rate from 20 per cent to 19 per cent from April 2024.
The chancellor is currently grappling with a cost of living crisis, and on the same day of the Spring Statement the consumer price index for inflation hit a 30-year high of 6.2 per cent.
The cut to income tax, which represents the first of its kind for 16 years, will yield savings of more than £5bn a year, according to the Treasury.Specific pensions […]
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