That will mean it will be virtually 10 years until the tax allowance increases. (2021). I'm going to my employer and asking to put extra in my pension scheme from my wages. Never known so many to be so negative about the future/next 4 years or so.
By freezing the personal allowance the Tories in effect increased the income tax by 4p in the pound that’s a 24% tax rate! Similarly I Labour extend the freeze in allowance by a further 2 years then the rate of income tax will be 25%. THIS IS A TAX RISE. Politicians think we are stupid! They just lie to us. Shame on them. 😊
I hate the political wording and misdirection of politics in general. The average person in the UK has no comprehension of these mechanics and no idea what they have voted for. Corruption is politics. Pain is public.
One of the best things you can do if possible for you is to simply work less. Trade heavily taxed hours for free time, doing what you enjoy, spending time with family, getting healthier etc.
It is a tax increase when you consider the impact on spending power that inflation causes. I wouldn’t even consider it a indirect tax increase - just consider the impact of stamp duty threshold freezes have had for example
Isn't that fiscal drag freeze pointless and will have no impact on finances until 2028+ so won't help with the "black hole". There'll be another election anyway around then and whoever gets in may resume the band increases...
