MILLIONS of Brits Facing Higher Income Tax
Tories have announced that income tax thresholds will remain frozen until 2028, leading to millions of Brits being pushed into higher tax bands. Chancellor Jeremy Hunt stated that the freeze will continue for the next four years, with an expected three million individuals paying income tax for the first time and three million moving into the 40 per cent rate.
Labour's Stance on Tax Thresholds
Labour has not committed to increasing tax thresholds, despite indicating a desire for them to rise. Both main parties are aligned in potentially ensnaring Brits in the tax trap, with Shadow Treasury Minister Darren Jones affirming that under a future Labour government, income tax, national insurance, and VAT thresholds will remain unchanged.
Labour's Response and Tory Accusations
Labour officials clarified that their pledge focuses on not raising income tax, national insurance, and VAT rates. Shadow Chancellor Rachel Reeves emphasized the importance of bringing taxes down and increasing tax thresholds, criticizing the Conservatives' approach as a mere gimmick. The parties also clashed over VAT rates, with the Tories accusing Labour of planning to raise the levy, a claim vehemently denied by Reeves.
Chaos in Labour's Economic Policy
As tensions escalated, the Tories released an attack advert warning households to prepare for a potential £2,000 bill if Sir Keir Starmer assumes office, citing Labour's alleged unfunded commitments. Chief Secretary to the Treasury Laura Trott criticized Labour for their economic policy chaos and speculated on the tax implications of their spending promises.
