Tax cut rises to £700 today for 24 million workers April 7th, 2014 admin Latest News Shares Comments Today, 24 million people, including thousands in Southport, will receive a £700 tax cut compared to their position in 2010. This will put £700 back in the pockets of the some of the lowest earners – and take millions more out of tax altogether. Liberal Democrats in the Coalition Government insisted on giving yax cuts to the lowest workers whereas the Conservatives’ priority before the election had been Inheritance Tax cuts for the wealthiest. The new income tax personal allowance kicks in at £10,000, meaning that 24 million working people are now paying £700 less in income tax than they did under Labour. People earning the minimum wage have now had the amount they pay in income tax more than halved; and 2.7 million people in the lowest paid jobs will no longer pay any income tax at all. A Southport Lib Dem spokesperson said:: “This was the top policy on the front of the 2010 Liberal Democrat manifesto and it has now been delivered in full by the Liberal Democrats in Government. From next April, the personal allowance will rise again to £10,500, giving working people a £800 tax cut in total.” “The previous Labour government left an economy in crisis: spiralling debt, a record peace-time deficit and a broken banking system. But by entering into Coalition, Lib Dems gave the country a stable government, needed to dig us out of that ‘hole’. “Liberal Democrats made sure that this strategy was about much 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. So now we have a record numbers of apprenticeships, we have put billions of pounds in to support businesses, and there is unprecedented investment in Britain’s roads and rail.” The Liberal Democrat policy is to continue to increase the threshold in the next Parliament to £12,500. Related Comments comments!