The UK government has announced plans to give workers an extra £450 as the autumn approaches, in a bid to address what it sees as an unfair burden on people's payslips.
UK Govt Plans Further Financial Support for Workers
As part of a remarkable fiscal policy, Chancellor Jeremy Hunt has implemented two successive cuts to National Insurance contributions this year.
The first cut, in February, was followed by another in April, resulting in an average saving of £450 for each individual, with the tax burden on payslips reduced by two percentage points.
In addition, the Prime Minister recently announced that the government is currently exploring the possibility of providing additional financial support to workers next autumn, although he made it clear that this measure would only be implemented if it was deemed financially feasible.
If this proposal is in line with the two previous cases, workers could potentially receive an additional £450, contributing to their overall income.
Speaking at a press conference, Mr Hunt stated his intention to completely eliminate the 'unfair' National Insurance 'double tax' as part of the proposed cuts.
He stressed that there was no need to apologise for continually reducing the burden of this double tax on labour until it was completely eradicated.
However, he made it clear that these reductions would only be implemented if they could be achieved without increasing borrowing or jeopardising the funding of public services or pensions.
Hunt said it was "unfair to tax labour twice" and added: "We won't stop there. If we can afford to go further to responsibly reduce the double tax on labour this autumn, that is what I will do."
This means that the average worker will see £450 returned to their payslip within 12 months of the tax cut, if it is implemented as planned.
Further Tax Cuts if the Tories Win the Election
Prime Minister Jeremy Hunt vowed to reduce taxes in the forthcoming election if the Conservative party wins.
In his statement on tax hikes today, the Chancellor said, "If we can afford to go further with more responsibility by cutting the double tax on labour this autumn, then that's what I'll do."
Further Tax Cuts if Conservatives Win Election, #JeremyHunt Promises. pic.twitter.com/3H3di5AVps
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The Chancellor explained that the party was trying to increase funding for its spending commitments.
He said they were publishing "50 new documents setting out the specifics of the policies that will be announced over the next tax year, totalling £59 billion over the following four years".
Jeremy Hunt had predicted that he would try to cut taxes further during the autumn, but only if he could do so responsibly.
The Chancellor said: "If we can afford to act more responsibly to reduce the double tax on labour this autumn, then that is what I will do.
