- Greg Hands MP applauds tax reduction benefiting 4,320,000 Londoners thanks to the long-term decisions taken by the Conservative government at the Autumn Statement for Growth.
- Effective 6 January 2024, employee National Insurance contributions will decrease from 12% to 10% resulting in a £450 tax reduction for those earning £35,000.
- People will have more money in their pockets, helping to grow the economy and reward their hard work.
Greg Hands MP has welcomed a tax cut for 4,230,000 Londoners, saving on average £450 per year. Starting on 6 January, employee National Insurance contributions will decrease from 12% to 10%, resulting in a £450 tax reduction for those earning £35,000.
Additionally, the will reduce National Insurance for the Self-Employed offering an average annual saving of £340, effective later this year.
This tax relief translates to substantial gains for various professionals: senior nurses with five years of experience will receive an annual gain of £600, typical police officers will see over £630 added annually, typical junior doctors will benefit from over £750 annually, and families with two income earners at the average income level will pocket an extra £900 annually.
Such tax cuts are made feasible by the Conservative Government's decisions to mitigate inflation and strengthen the economy.
Commenting, Greg Hands said:
The Prime Minister made a promise to people across London that taxes would be cut when inflation was falling and that is what this Conservative Government is delivering.
4,320,000 people across London will have their taxes cut from 6 January, thanks to the Conservative Government’s long-term decisions for a stronger economy.
This means people get to keep more of their hard-earned money, ensuring work always pays under a Conservative Government.”