The United Kingdom's Finance Minister, Jeremy Hunt, announced this Wednesday (22) in Parliament the new fiscal plan for the country, the so-called “Autumn Declaration”, in which a large tax cut for workers and maintenance or reduction of taxes for companies that invest in modernizing production and in more sustainable enterprises.
According to Hunt, the top tax rate for employees will be reduced from 12% to 10% from January 6th. Currently a 12% fee is charged on earnings between £12,571 and £50,271, plus a further 2% on anything above that. The Chancellor announced that this measure will benefit around 28 million people, saving someone on the average earner £450 a year.
According to calculations by the Office for Budget Responsibility (OBR), this cut in workers' national insurance will represent a loss of 10 billion pounds per year until 2028/2029.
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