Working families across Surrey Heath can look forward to having more money in their pockets – thanks to a range of new Government measures that came into effect last week.
New tax changes will benefit around 55,541 people in Surrey Heath, meaning that a typical basic-rate taxpayer will pay over £1,000 less income tax than in 2010.
In addition, we are:
- Giving over 2 million workers a pay rise through the National Living Wage and the National Minimum Wage. These changes mean that a full-time worker in Surrey Heath will earn £2,000 more a year than they did before we introduced the National Living Wage.
- Providing pensioners with greater security in retirement by increasing the full State Pension by 3 per cent this year, meaning that 19,771 people in Surrey Heath will get nearly £190 more a year.
- Freezing fuel duty for the eighth successive year. This will save the typical driver £850 compared to Labour’s plans.
- Backing the high street by switching the way we value business rates. This will save a typical high street shop £800, and a typical restaurant over £1,600 by 2022-23.
The Chancellor of the Exchequer, the Rt. Hon. Philip Hammond MP, said:
“Local people will have more pounds in their pocket and keep more of their hard-earned wages. By increasing the National Living Wage, cutting income tax, and freezing fuel duty for the eighth year running, we are boosting living standards for millions of people this April, giving them more choice over how to use their pay packet and building an economy that works for everyone.”
Michael Gove MP said:
“This is exactly the kind of news people across the constituency want to hear. It shows that by taking a balanced approach to the public finances, we’ve been able to keep taxes low for Britain’s hard-working families, so they can keep more money in their own pockets.”