Today is pay day for millions of people across Britain. It will be the first pay slip since the Income Tax personal allowance was raised to £9,440.
The personal allowance is the amount you can earn before being taxed. When Liberal Democrats came into power in 2010 this was just £6,475.
Increasing the tax-free personal allowance is the Liberal Democrats’ flagship policy. We have fought hard for this and secured it.
Since we’ve been in Government, millions of low and middle income earners are now paying £600 less tax per year.
The tax-free allowance will rise again next year to £10,000, fulfilling a commitment from the front page of the Liberal Democrats’ 2010 General Election manifesto and resulting in a total tax cut of £700.
By this point, 86,500 ordinary working people in Haringey will have received the £700 a year tax cut, and 7,520 of the Borough’s low or part-time earners will have been lifted out of paying Income Tax altogether.
Earlier, Liberal Democrat Chief Secretary to the Treasury, Danny Alexander summed it up very well:
“If you get paid today, take a moment to compare your pay slip to last month’s. You’ll see that Liberal Democrats have cut your taxes.
“It has taken the Liberal Democrats being in Government to deliver the largest programme of tax cuts for working people for a generation.
“The Liberal Democrats are the only party that will radically cut taxes for people on low and middle incomes to build a stronger economy and a fairer society so that everyone can get on in life.”