TAX and FINANCES

The government plans to cut the basic rate of income tax from 20 pence in the pound to 19. But this will only take place at an unspecified time in the future, assuming that conditions such as war and Covid-19 will improve.

The planned National Insurance tax rise will go ahead, meaning that workers will see a cut in their pay. The threshold for contributions will rise by £3,000, so those earning under £12,570 will be exempt.