Budget: No tax rises in payslips for 'working people', says Bridget Phillipson

Published On Oct 27, 2024, 7:17 AM

The Labour government, represented by Education Secretary Bridget Phillipson, has assured that there will be no tax increases on payslips for working individuals following an upcoming Budget. Labour pledges not to raise National Insurance, income tax, or VAT for those who primarily earn their income through work. However, there is speculation about potential tax rises on asset sales and freezing income tax thresholds, which could affect a broader group of people, including small business owners. Controversially, the government is facing accusations of inheriting a fiscal deficit from the previous Conservative administration and must make tough choices to balance the budget without cutting public spending.